WASHINGTON, DC-Less than 24 hours after the House of Representatives voted 269-161 to raise the debt ceiling by $2.1 trillion, the Senate followed suit with a final vote of 74-26. The bill now heads to President Obama’s desk for signature, a move he is certain to make after he anointed the agreement underpinning legislation on Sunday night as a viable approach.

The $2.1 trillion is enough to fund the government until 2013, after the elections. In exchange, lawmakers have specified $917 billion in spending cuts over 10 years. Additional cuts will be decided by a bipartisan panel of 12 members of Congress. If the committee cannot identify these savings, additional built-in spending cuts kick in.

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