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Legislation to extend the government’s borrowing authority cleared Congress on Wednesday, ending a laborious debate that exposed divisions among Republicans, and putting the debt-limit fight to rest for more than a year.
The bill was sent to the White House, where President Barack Obama was expected to sign it, after the Senate voted 55-43 along party lines to approve a suspension of the federal debt limit through March 2015….
The bill calls for suspending a cap on government borrowing until March 16, 2015, allowing the U.S. Treasury to sell debt as necessary. In a major retreat by conservative Republicans, the legislation contains no spending cuts or other conservative policy riders, marking the first time since 2009 Congress has passed a “clean” debt limit.