The House of Representatives on Monday approved a last-gasp deal to raise the US borrowing limit in a decisive step toward averting a catastrophic debt default by the world's largest economy.
A day before the deadline to lift the debt ceiling, the passage by the Republican-controlled House of the USD 2.1 trillion deficit-cutting plan hammered out over the weekend cleared the way for the Senate to approve it.
The Democratic-controlled Senate was due to vote on the bill at noon (1600 GMT) on Tuesday and was widely expected to pass it. This would send it to the desk of President Barack Obama, who has said he is anxious to sign the bill.
The House vote of approval had been considered the biggest obstacle to a solution of the crisis.
It signaled the end was in sight to a months-long partisan battle that had deadlocked the political system of the United States, alarming its international allies, shaking financial markets and diminishing the US global image.
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