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Senate passes debt ceiling increase

Tuesday, August 02, 2011 - 01:51

Aug. 2 - After months of political haggling and hours before the U.S. Treasury's authority to borrow funds runs out -- risking a damaging debt default -- the Senate approves a deal to cut a bulging deficit and lift the $14.3 trillion debt ceiling enough to last beyond the November 2012 elections. Rough Cut (no reporter narration).

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(ROUGH CUT- NO REPORTER NARRATION) STORY: A measure to cut spending and raise the U.S. debt ceiling to avert an unprecedented default cleared Congress on Tuesday and headed to President Barack Obama to sign into law. The Senate approved the measure by a vote of 74 to 26 after the House of Representatives passed it on Monday.

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Senate passes debt ceiling increase

Tuesday, August 02, 2011 - 01:51