After weeks of negotiations, back and forth bickering and a frustrated President Obama, the U.S. Senate has passed a debt ceiling plan to avoid an economic collapse.
STORY: Hip Hip Hooray! Obama And John Boehner Strike A Debt Ceiling Deal (PHOTOS)
As Reported By CNN:
The U.S. Senate has crossed the 60-vote threshold needed to pass the last-minute compromise plan to raise the nation’s debt ceiling in exchange for spending cuts. The bill passed with vote of 74-26; now heads to White House to be signed by Obama.
Once the Senate finishes voting, the bill goes to President Barack Obama’s desk to be signed into law — just hours before what would have been an unprecedented default. Voting is still under way, but the bill has received 60 votes, ensuring its passage.
President Obama is set to speak on the passage of the bill and the state of the economy.
SOURCE: CNN
