Suspension of US debt limit wins final congressional approval
WASHINGTON (REUTERS) - A bill allowing the United States (US) government to borrow money beyond its record US$16.4 trillion (S$20.3 trillion) debt limit won final congressional approval on Thursday, clearing the way for President Barack Obama to sign it into law.
The Democratic-led Senate passed the bill, 64-34, a week after the Republican-controlled House of Representatives approved it, 285-144.
The legislation would put off for at least a few months a showdown over the debt limit between Republicans who demand more spending cuts to shrink deficits and Democrats who favour reducing deficits with a combination of spending cuts and tax hikes.
Several other potential budget skirmishes are likely over the next five weeks.