The U.S. Senate is scheduled to vote on a last-minute compromise plan Tuesday to raise the nation's debt ceiling while imposing sweeping new spending cuts and narrowly averting an unprecedented national default.
Senators are set to vote on the plan about noon. Although the bill requires a supermajority of 60 votes to clear the 100-member chamber, it is expected to be easily approved.
The measure was approved by the House of Representatives on Monday by a 269-161 vote, overcoming opposition from unhappy liberal Democrats and tea party Republicans.
The measure needs to be signed into law by President Barack Obama before the end of the day. If the current $14.3 trillion debt limit is not increased by that point, Americans could face rapidly rising interest rates, a falling dollar and shakier financial markets, among other problems.FULL STORY