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(Image from article: "Senate approves debt-ceiling increase; Obama to sign")

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Senate approves debt-ceiling increase; Obama to sign

The Senate gave final approval Tuesday to legislation to raise the nation's debt limit by $2.4 trillion while cutting federal deficits, sending President Obama a hard-fought bipartisan package he was expected to swiftly sign into law.

Lawmakers told $2 trillion debt cap raise needed: sources

The Treasury has told lawmakers a roughly $2 trillion increase in the legal limit on U.S. federal debt was needed to ensure the government can keep borrowing through the 2012 presidential election, sources with knowledge of the discussions said.

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