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Senate agree US debt bill

The US Senate has passed a bill to raise the debt ceiling and avoid a potential default. It will now be sent to the House of Representatives for a final vote. President Obama has said he will sign the bill "immediately" after the House vote.

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Terms of Senate proposal to end US debt crisis

The US Senate has reportedly agreed on a bipartisan deal to raise the debt ceiling and avoid a potential US default. Both chambers of Congress must still vote on the proposal.

The Associated Press reports that the deal includes the following terms:

  • US Treasury will have authority to continue borrowing until February 7, and the Government would reopen until January 15.
  • Lawmakers would be able to vote to disapprove the increase to the debt ceiling, but President Obama would have the right to veto their opposition, ensuring he would prevail.
  • Includes one small concession to the health care reforms known as 'Obamacare'

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