The debt ceiling bill passed the House by a vote of 269-161 and the Senate with bipartisan support by a vote of 74-26. The legislation was quickly signed into law by President Obama Tuesday, averting a U.S. default and government shutdown.
While the debt ceiling eliminates the immediate threat of a crisis, the U.S. is still in deep financial crisis even if the House, the Senate, and the President agreed to increase the government’s borrowing limit. An important fact is that the U.S. will have to continue borrowing money to pay off what they have already borrowed.
Check out the weeks of intense and heated debate over the debt crisis in pictures: