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The U.S. Senate voted narrowly on Thursday to increase the government's borrowing authority to $14.3 trillion, which would allow the Treasury Department to continue servicing the country's spiraling national debt through most of 2010.
Senate Democrats hope the 60 to 40 party-line vote will enable them to avoid another politically toxic vote on the issue before the November congressional elections.
The House of Representatives will vote on the legislation next week, House Majority Leader Steny Hoyer said. It will then go to President Barack Obama and be signed into law.
Congress must periodically raise the legal limit for the government's borrowing, and the Treasury Department is expected within weeks to exceed the current $12.4 trillion limit set in December.
Failure to raise the limit would roil financial markets, but lawmakers are never eager to sign off on a measure that allows the government to dig itself deeper into debt.
Senate backs increase in debt limit to $14.3 tln
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