Senate to clear debt limit increase for Obama
U.S. President Barack Obama acknowledges House Speaker John Boehner of Ohio while speaking to reporters in the Roosevelt Room of the White House in Washington, Nov. 16, 2012. (AP / Carolyn Kaster)
The Associated Press
Published Thursday, January 31, 2013 6:25AM EST
WASHINGTON -- 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 US$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.