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Short-Term Increase in U.S. Debt Ceiling Passes Senate

  • Legislation would raise government’s debt limit through Dec. 3
  • Vote ends weeks of partisan stand-off, House to vote Tuesday
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WATCH: The Senate approved legislation that pulls the nation from the brink of a default with a short-term debt-ceiling increase, Kathleen Hays reports.(Source: Bloomberg)
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The U.S. Senate approved legislation Thursday that pulls the nation from the brink of a payment default with a short-term debt-ceiling increase, breaking a weeks-long standoff that rattled financial markets.

The vote was 50-48, with no Republicans in favor of the measure that simply kicks the can toward another precarious debt-limit fight in less than two months. The $480 billion increase in statutory borrowing would run out around Dec. 3.