11:06 p.m.
Wednesday, 22 November 2017

U.S. Senate passes debt limit extension

Los Angeles, California.- The U.S. Senate approved a bill that would suspend the nation's borrowing authority through May 18, extending the federal government's ability to borrow new money through mid-May, delaying a partisan standoff that some analysts warn could derail a fragile economic recovery.

The bill, which passed in a 64-34 vote, cleared the Republican-run House of Representatives last week. It now advances to President Obama's desk to be signed into law.

The short-term extension of the $16.4 trillion debt ceiling would ensure the United States would not default on its legal obligations and buy Congress more time to negotiate on upcoming budget fights.

The Bipartisan Policy Center estimates the amount of the debt limit increase will be about $450 billion.

The bill, initiated by House Republicans, also includes a provision that would require the House and Senate to pass a federal budget in their respective chamber by April 15 or lawmakers' salaries would be held in escrow until a budget is passed or the Congress ends in two years

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