Congress passes bill to extend borrowing authority
WASHINGTON - Congress has approved must-do legislation to permit the government to borrow hundreds of billions of dollars more to meet its obligations, averting a first-ever government default that had loomed as early as mid-February.
The 64-34 vote in the Senate on Thursday sends the measure to President Barack Obama, who has said he will sign it into law.
The legislation would temporarily suspend the $16.4 trillion limit on federal borrowing. Experts say that would allow the government to borrow about $450 billion to meet interest payments and obligations like Social Security benefits and government salaries.
Calculations by a Washington-based think tank, the Bipartisan Policy Center, indicate that the deadline for Congress to act again to prevent default would likely not come until August.
The Republican-controlled House passed the legislation last week.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Bold thief caught on camera after break-in at gated community
Residents on Tickfaw River concerned as boating season approaches
WATCH: Starbucks employee has meltdown over new Unicorn Frappuccino
Community says it's still seeking justice for Alton Sterling
American Airlines employee grounded after confrontation with passenger