WASHINGTON – Congress passed must-do legislation Thursday 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 Democratic-controlled Senate sent the measure to President Obama, who has said he will sign it. The Republican-led House passed the legislation last week.
The legislation would temporarily suspend the $16.4 trillion limit on federal borrowing, which experts say would allow the government to borrow about $450 billion to meet interest payments and obligations like Social Security benefits and government salaries.
The deadline for Congress to act again to prevent default would likely not come until August, according to calculations by the Bipartisan Policy Center, a Washington-based think tank.
Without the bill, the Treasury Department says, the government would default on its obligations by as early as mid-February.
You are going to love this.... Today the National debt clock no longer shows US Personal Debt because it was already Breeched and now they took it off the web site and only show NAtional Debt . Amazing isnt it... Hide information from the public and thats how it all goes away. ..WHAT A FROCKING JOKE.... You know they wont nor cant change this Debt repurchasing that the Joke Fed is doing... Hell we are already in Default if you figure the Fed has NO WAY To pay back the bonds they are purchasing... This is all a bad Frocking JOKE.... almost 4 BILLION Dollars per day they add to debt now and GROWING.... NO SHAME In these #$%$....