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Senate Passes Debt Ceiling Deal

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The Senate approved a deal to raise the country's debt ceiling today by a vote of 76-24.
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The Senate approved a deal to raise the country's debt ceiling today by a vote of 76-24.

A deal to raise the federal government's debt limit by $1 trillion has passed the Senate, by a vote of 74-26. President Obama is expected to sign the bill into law later today.

The House passed the deal late last night.

In addition to the debt increase, the bill includes ample budget cuts and a goal of reducing the nation's deficit to the tune of 2.5 trillion over 10 years.

The vote marked an end to the protracted negotiations over the nation's debt limit and federal deficit, as well as the passage of a deal largely disliked by Democrats.

The approval came just hours before the deadline that had been set by the U.S. Treasury Department for the point at which the government may not be able to pay its bills without borrowing money. Treasury Secretary Tim Geithner told Congress in May that the Treasury may need to borrow more money by Aug. 2.

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