Update: The White House says that President Obama has signed the bill into law.


An original report follows...

The US Senate on Tuesday approved legislation to avert a disastrous debt default and cut trillions in government spending, sending the contentious bill to President Barack Obama to sign into law.

Lawmakers voted 74-26 to pass the measure -- which cleared the House of Representatives by an overwhelming 269-161 margin a day earlier -- with just hours to spare before a midnight (0400 Wednesday) deadline.