US Senate approves debt limit increases

Thursday, February 13, 2014

Senate passes a bill to increase the government's borrowing limit and waive the $17.2 trillion debt limit until March 2015.

Senate passes a bill to increase the government's borrowing limit and waive the $17.2 trillion debt limit until March 2015.

WASHINGTON D.C. - The US Senate on Wednesday approved a bill to increase the government's borrowing limit and waive the $17.2 trillion debt ceiling until March 2015.

The bill will allow the US to continue borrowing normally for the next 13 months.

The 'clean' debt measure allows the US Treasury to pay the government’s bills for another 13 months.

On Tuesday, The House of Representatives narrowly passed a bill to increase the government's borrowing limit and waive the $17.2 trillion debt limit for just over a year.

Once signed into law, the US Treasury will be able to pay its current debts, estimated at more than $17 trillion until March 15, 2015.

The Obama administration has been calling on senators to approve the bill, without extra conditions, by the end of February.

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