Feb. 11 (Bloomberg) — The House of Representatives voted to suspend the U.S. debt limit until March 2015, giving a win to President Barack Obama and Democrats in Congress who insisted that the ceiling be lifted without conditions.
The measure passed today 221-201.
The plan goes to the Democratic-led Senate, where Majority Leader Harry Reid said the chamber will act as soon as possible. Obama and Senate Democrats had refused to negotiate on raising the debt limit, and U.S. companies sought assurance that the government wouldn't exhaust its borrowing authority.
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