WASHINGTON, October 16 (RIA Novosti) – The US Senate approved Wednesday legislation to fund the government and avert a debt default, in a move to ease an acute political crisis and avoid an unprecedented fiscal clash that might seriously damage the world economy.
The bill, which passed with 81-18 vote, has to be backed by the House of Representatives before going to the White House for approval by President Barack Obama.
Speaking shortly after the Senate vote, Obama vowed to sign the legislation "immediately" following the approval by the House to end a 16-day government shutdown.
"We can begin to lift this cloud of uncertainty and unease from our businesses and from the American people," he said.
The bill was crafted by a bipartisan group of Senators and tweaked by Senate leaders. It proposes funding the government until Jan. 15 and raising the United States’ debt ceiling until Feb. 7, 2014.
The temporary fix would give US lawmakers breathing space to “work toward a long-term budget agreement that prevents these frequent crises,” Senate Majority Leader Harry Reid said earlier on Wednesday.
