The Senate is poised 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 measure would suspend the $16.4 trillion limit on federal borrowing through May 18, allowing an estimated $450 billion in new debt to be added to the federal ledger.
The Republican-controlled House passed the legislation last week. A successful Senate vote would send the measure to President Barack Obama, who is expected to sign it into law immediately.
Without the bill, the government would default on its obligations by as early as mid-February.
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus