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Senate passes debt ceiling increase

Reuters News
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August 02, 2011 AT 1:13 PM
After months of political haggling and hours before the U.S. Treasury's authority to borrow funds runs out -- risking a damaging debt default -- the Senate approves a deal to cut a bulging deficit and lift the $14.3 trillion debt ceiling enough to last beyond the November 2012 elections. Rough Cut (no reporter narration).