The U.S. Senate approved Tuesday the debt deal, the Budget Control Act of 2011, by a vote of 74-26, with 45 Democrats and 28 Republicans voting yes, including New Mexico Democratic Sens. Jeff Bingaman and Tom Udall.
The House passed the bill Monday and President Obama signed it into law later Tuesday afternoon. Nineteen Senate Republicans, six Democrats and Independent Sen. Bernie Sanders from Vermont voted no.
With the passage of the bill, the U.S. Treasury Department has an immediate $400 billion more in borrowing authority. Another $500 billion is all but guaranteed to be approved unless Congress overrides a presidential veto by a two-thirds vote. Future debt ceiling increases between $1.2 billion and $1.5 billion can be requested by President Obama depending on whether a balanced budget amendment is approved.
The plan includes $2.1 trillion in budget cuts over ten years.