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Extension of U.S. debt limit wins final congressional approval

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(Globalpost/GlobalPost)

WASHINGTON, Jan 31 (Reuters) - The U.S. Senate on Thursday gave final Congressional approval to a bill allowing the government to borrow money beyond its record $16.4 trillion record debt limit, clearing the way for President Barack Obama to sign it into law.

The Democratic-led Senate passed the bill, 64-34, a week after the Republican-controlled House of Representatives approved it, 285-144.

The measure is designed to postpone for at least a few months another big showdown in a sharply divided Washington on spending cuts and tax hikes.

http://www.globalpost.com/dispatch/news/thomson-reuters/130131/extension-us-debt-limit-wins-final-congressional-approval