Washington, DC, United States (4E) – The U.S. Senate voted on Wednesday to suspend the federal borrowing limit, making sure that the Treasury will not default on its debt of over $17tn for another year.
The bill was sent to the White House for President Barack Obama to sign after the Senate voted 55-43 along party lines to approve the federal debt limit suspension until March 2015.
The House earlier passed a version of its bill on Tuesday, also with support of Democrats, where House Speaker John Boehner (R-Ohio) and other GOP leaders in the chamber reluctantly voted for a government borrowing increase without any concessions.
With both Republicans and Democrats wanting to put the debt-ceiling issue behind, the leaders of the Senate had sought to avoid any filibuster of the House version of the bill and allow a simple majority to approve the debt limit suspension until March 2015.
The bill will suspend a cap on federal government borrowing though March 16 next year, which allows the U.S. Treasury to sell debt as needed. It is the first time that the U.S. Congress passed a “clean” debt limit bill since 2009.
Mr. Obama welcomed Congress’s approval of the debt limit suspension without any amendments or a prolonged standoff.