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Senate passes bill raising US debt limit Senate passes bill raising US debt limit
(about 2 hours later)
The US Senate has sent to the president a bill to raise the country's borrowing limit for another year, ending a series of political standoffs over the issue.The US Senate has sent to the president a bill to raise the country's borrowing limit for another year, ending a series of political standoffs over the issue.
The chamber passed the bill on a 55-43 party line vote a day after it narrowly passed the House of Representatives.The chamber passed the bill on a 55-43 party line vote a day after it narrowly passed the House of Representatives.
US officials had warned of a possible default at the end of the month if Congress did not act.US officials had warned of a possible default at the end of the month if Congress did not act.
The move came after Republicans gave up on their attempt to win concessions in return for raising the limit.The move came after Republicans gave up on their attempt to win concessions in return for raising the limit.
The measure now goes to President Barack Obama to sign into law.The measure now goes to President Barack Obama to sign into law.
Warning of calamityWarning of calamity
The bill will waive the $17.2tn (£10.4tn) debt limit until 15 March 2015, enabling the US government to borrow money to fund its budget obligations and debt service.The bill will waive the $17.2tn (£10.4tn) debt limit until 15 March 2015, enabling the US government to borrow money to fund its budget obligations and debt service.
The White House, the IMF, and most mainstream economists had warned of calamity if the US defaulted on its public debt.The White House, the IMF, and most mainstream economists had warned of calamity if the US defaulted on its public debt.
All of the aye votes in the 55-43 Senate count came from Mr Obama's Democrats, who hold the majority in the chamber.All of the aye votes in the 55-43 Senate count came from Mr Obama's Democrats, who hold the majority in the chamber.
The Senate could proceed to a final vote only after arch-conservative Republican Senator Ted Cruz of Texas, who is aligned with the small-government tea party movement, forced the chamber to hold a preliminary procedural vote to end debate on the measure, which had a 60-vote threshold.
That motion passed 67-31, with only a few Republicans voting to move ahead to a final vote on the bill.
On Tuesday, the Republican-controlled House of Representatives passed the bill 221-201, with only 28 Republicans voting in the affirmative.On Tuesday, the Republican-controlled House of Representatives passed the bill 221-201, with only 28 Republicans voting in the affirmative.
The Republicans hold a majority in the House, and many had hoped to leverage their ability to block an increase in the government's borrowing limit to win policy concessions from Mr Obama and the Democrats who control the Senate. Most Republicans in the House and Senate opposed raising the debt limit without concessions from the Democrats, arguing a debt ceiling increase encouraged what they describe as profligate government spending.
'Clean' bill demand'Clean' bill demand
Tuesday's vote only occurred after House Speaker John Boehner, a Republican, concluded he could not win concessions from the Democratic Party demanded by his caucus, and that the only way a debt ceiling rise would pass was if the Democrats backed one unencumbered by additional policy measures, analysts say.
In the current and past debt limit fights, the Republican Party's wish-list has included extensive budget cuts, measures that would repeal or undermine Mr Obama's signature healthcare reform, a proposal to force Mr Obama to approve the Keystone XL oil pipeline from Canada, a repeal of recent cuts to pensions for working-age military retirees, and more.In the current and past debt limit fights, the Republican Party's wish-list has included extensive budget cuts, measures that would repeal or undermine Mr Obama's signature healthcare reform, a proposal to force Mr Obama to approve the Keystone XL oil pipeline from Canada, a repeal of recent cuts to pensions for working-age military retirees, and more.
As in the last major Washington DC budget brawl, in September and October, Mr Obama and the Democrats said they would refuse to negotiate over the borrowing limit, arguing raising the limit amounted to the US government making good on spending it had already undertaken.As in the last major Washington DC budget brawl, in September and October, Mr Obama and the Democrats said they would refuse to negotiate over the borrowing limit, arguing raising the limit amounted to the US government making good on spending it had already undertaken.
They demanded a "clean" bill that would raise the debt ceiling without enacting additional policy measures.They demanded a "clean" bill that would raise the debt ceiling without enacting additional policy measures.
"It says something about the expectations that the American people have of Congress that people notice when Congress actually doesn't do direct harm to the economy," White House spokesman Jay Carney said on Wednesday.
"And by Congress I mean Republicans in Congress. This has been an effect brought about entirely by the ideological passions of House Republicans in particular."