WASHINGTON (AP) — The House overwhelmingly passed a bill Wednesday to permit the government to borrow enough money to avoid a first-time default for at least four months, defusing a looming crisis setting up a springtime debate over taxes, spending and the deficit.
The House passed the measure on a bipartisan 285-144 vote as majority Republicans back away from their previous demand that any increase in the government's borrowing cap be paired with an equivalent level of spending cuts.
Senate Majority Leader Harry Reid, D-Nev., said the chamber would immediately move to advance the legislation to the White House, which has announced Obama would sign it.
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