The GOP-controlled U.S. House of Representatives voted to approve a bill that would raise the federal debt ceiling and impose sweeping spending cuts.
A vote in the Senate is expected to take place on Tuesday, sources say. That is the day the federal government will hit its debt ceiling, and without congressional action will be unable to meet some of its financial obligations.
The agreement reached Sunday by President Barack Obama and congressional leaders from both parties calls for up to $2.4 trillion in savings over the next decade, raises the debt ceiling through the end of 2012 and establishes a special congressional committee to recommend long-term fiscal reforms.
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