debt ceiling

The Senate has voted to extend the federal debt limit, giving final congressional approval to a bill that is meant to cover the government's finances into 2015. The measure passed on a 55-43 vote.

But the most dramatic phase of the legislation's passage came just before the final tally, when it had to get past a cloture vote. Politico says, "Texas Sen. Ted Cruz (R) demanded the 60-vote threshold on the debt hike."

As The Hill reports:

A storm is brewing in Washington that could darken political debate for months to come. It's about the debt, the deficit, taxes and spending — all hot topics lawmakers have been fighting about for years now.

This time, though, there's a deadline, and the consequences of inaction would be immediate. That has many in Washington saying: Here we go again.

In the past week, President Obama and House Speaker John Boehner have begun a new round of sparring over the U.S. debt ceiling.

Jeff Heimsath/KUT News

President Barack Obama and congressional leaders reached an agreement Sunday night on the debt ceiling. Both chambers could vote on the deal Monday.