Senate OKs $290 billion hike to debt limit
With the federal government inching close to the debt ceiling, the Senate on Thursday passed a $290 billion increase to the amount of debt the Treasury is allowed to have.
The 60-39 vote follows House approval earlier this month of the same measure. President Obama is expected to sign the bill soon.
The new law raises the debt ceiling to $12.394 trillion from $12.104 trillion.
As of Tuesday, the amount of debt subject to the limit on Treasury’s books was $12.04 trillion, just $64 billion below the limit.
The increase is estimated
If the Senate hadn’t raised the debt ceiling before Dec. 31, the Treasury would likely have had to employ extraordinary measures to keep the debt below the ceiling to stave off default.
Default would unleash a chain of events that could devalue U.S. bonds and seriously harm the nation’s reputation with creditors around the world. In short, it’s not something lawmakers can afford to let happen.
source: money.cnn
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