2014-02-12T232406Z_4_CBREA1B1DCJ00_RTROPTP_2_USA-FISCAL-TAXES

Congress approves debt limit increase after Senate drama

U.S. Capitol Building stands in WashingtonBy Susan Cornwell and David Lawder WASHINGTON (Reuters) – The Congress approved an increase in the country’s debt limit through March 2015, bowing to President Barack Obama’s demands to extend federal borrowing authority without conditions, but only after a dramatic Senate vote on Wednesday. Final action in the Senate followed an hour-long nail-biting procedural tally forced by the objections of Republican Ted Cruz, a conservative Tea Party favorite. It appeared at first there would not be enough Republicans to join the Democratic majority and advance the bill. A decision by Senate Republican leader Mitch McConnell and Senate Republican Whip John Cornyn, who are both up for re-election this year, to vote to advance the measure appeared to kick the procedural tally over the needed 60 votes.

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