The U.S Senate has passed legislation that permits the government to borrow hundreds of billions of dollars more to meet its financial obligations, averting a first-ever government default that had loomed as early as mid-February, it was reported here Friday. The bill passed 64 - 43 in the Democratic-controlled Senate on Thursday and was sent to President Barack Obama, who has said he will sign it. The Republican-led House of Representatives passed the legislation last week. The measure would temporarily suspend the $16.4 trillion limit on federal borrowing, which experts say would allow the government to borrow roughly $450 billion to meet interest payments and obligations like Social Security benefits and government salaries. The deadline for Congress to act again to prevent default would likely not come until August, according to the Bipartisan Policy Center.
