U.S. Senate approves one-year extension of federal borrowing authority

WASHINGTON (Reuters) – The U.S. Congress approved legislation on Wednesday to extend U.S. federal borrowing authority for a year, bowing to President Barack Obama’s demands for a debt limit increase without any conditions. Final action came as the Democratic-controlled Senate voted 55-43 to approve a “clean” hike in the debt ceiling, after an hour-long procedural vote. The measure now goes to Obama to be signed into law. The House of Representatives passed the measure on Tuesday. (Reporting by Susan Cornwell; Editing by Peter Cooney)

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