Increase in US Debt Limit is Approved

The Democratic-led Senate on Thursday approved must-do legislation to permit the government to borrow hundreds of billions of dollars more to meet its obligations, putting off one Washington showdown even as others loom in coming weeks.

The vote, 64-34, sends the measure to President Barack Obama, who said he will sign it into law.

The measure would suspend the $16.4 trillion limit on federal borrowing through May 18, allowing about $450 billion in new debt to be added to the federal ledger, according to an estimate by the Bipartisan Policy Center.

The Republican-controlled House passed the legislation last week.


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