Deal to Avert US Default, Raise Debt Limit Advances in Senate
The U.S. Senate took a step toward raising the federal government’s $28.9 trillion debt limit on Thursday when it voted to limit debate on the first of two necessary measures, as the Treasury Department urged action by next week. Fourteen Republican senators joined the Senate’s 48 Democrats and two independents in voting to advance the first of two bills needed to increase the Treasury Department’s borrowing authority under a deal crafted by Senate Majority Leader Chuck Schumer and Republican Leader Mitch McConnell. The Senate voted 64-36 to clear the way for passage of the bill setting up the fast-track procedure. more
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