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| Thursday, Jan. 31, 2013 |
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Congress passes bill to extend borrowing authorityBy ANDREW TAYLOR WASHINGTON (AP) — Congress has approved must-do legislation to permit the government to borrow hundreds of billions of dollars more to meet its obligations, averting a first-ever government default that had loomed as early as mid-February. The 64-34 vote in the Senate on Thursday sends the measure to President Barack Obama, who has said he will sign it into law. The legislation would temporarily suspend the $16.4 trillion limit on federal borrowing. Experts say that would allow the government to borrow about $450 billion to meet interest payments and obligations like Social Security benefits and government salaries. Calculations by a Washington-based think tank, the Bipartisan Policy Center, indicate that the deadline for Congress to act again to prevent default would likely not come until August. The Republican-controlled House passed the legislation last week. 2013-01-31 21:05:20 GMT |
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