The US congress passed a debt ceiling bill, signed by Barack Obama on Tuesday, that will permit the US government to borrow more money, preventing a default on bond payments. The bill passed the House of Representatives by 269-161, and the Senate by 74-26, with opposition from Tea Party Republicans and liberal Democrats.
The bill calls for $2.1 trillion in spending cuts over the next ten years, and stipulates that a 12-member committee that will identify ways to reduce spending by November. No new revenues will be raised.