Now that both the House and the Senate have passed the bill, it goes to President Obama for expected approval.
WASHINGTON - The Senate approved a last-minute compromise plan to raise the nation's debt ceiling, which will impose sweeping new spending cuts and will narrowly avert an unprecedented national default, CNN reported Tuesday afternoon.
"The House of Representatives approved the measure Monday by a 269-161 vote, overcoming opposition from liberal Democrats and tea party Republicans. Passage in the Senate required a supermajority of 60 votes," CNN said.
According to the Washington Post, approval would send the measure to President Obama and immediately grant the Treasury $400 billion in additional borrowing authority, just hours before a midnight deadline.
"The measure was approved by a vote of 74 to 26. It now goes to President Obama to be signed into law, giving the government the money to pay its bills ahead of a midnight deadline," the Post said.
More details as they become available.