Debt ceiling gets short-term increase in Senate

Debt ceiling gets short-term increase in Senate
Move allows government to borrow but issue will be revisited
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By Robert Schroeder, MarketWatch
WASHINGTON (MarketWatch) -- The Senate on Thursday joined the House in passing a short-term increase in the U.S. debt limit, allowing the government to borrow for a few more months.
Senators voted 60-39 to approve a $290 billion increase in the debt limit, boosting the debt ceiling to $12.4 trillion. The House approved the increase on Dec. 16 in a 218-214 vote and the measure now goes to President Barack Obama for signature.
But the increase only allows borrowing through early February, meaning House and Senate lawmakers will have to kick off an election year with a debate on the debt.
Members of Congress were under pressure to approve an increase before Christmas, and senators could have come back into session next week if they didn't approve the increase Thursday.
Senate Republicans insisted on a 60-vote majority for raising the debt ceiling, which usually requires only a simple majority.