U.S. Senate approves one-year extension of federal borrowing authority
WASHINGTON (Reuters) - The U.S. Congress approved legislation on Wednesday to extend U.S. federal borrowing authority for a year, bowing to President Barack Obama's demands for a debt limit increase without any conditions.
Final action came as the Democratic-controlled Senate voted 55-43 to approve a "clean" hike in the debt ceiling, after an hour-long procedural vote. The measure now goes to Obama to be signed into law. The House of Representatives passed the measure on Tuesday.