Senate approves bill to avert debt default
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.