News24

US senators agree on debt deal

2011-08-02 18:39

Washington - The US Senate has crossed the 60-vote threshold needed to pass the last-minute compromise plan to raise the nation's debt ceiling in exchange for spending cuts, CNN reports.

Once the Senate finishes voting, the bill goes to President Barack Obama's desk to be signed into law - just hours before what would have been an unprecedented default.

The bill imposes sweeping new spending cuts over the next decade.