Senate OKs emergency debt limit bill

ANDREW TAYLOR - Associated Press
Speaker of the House John Boehner, R-Ohio, returns to his office after emergency legislation to avert a government default and cut federal spending passed a showdown vote in the House of Representatives, at the Capitol, in Washington, Monday, Aug. 1, 2011.  (AP Photo/J. Scott Applewhite)
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Speaker of the House John Boehner, R-Ohio, returns to his office after emergency legislation to avert a government default and cut federal spending passed a showdown vote in the House of Representatives, at the Capitol, in Washington, Monday, Aug. 1, 2011. (AP Photo/J. Scott Applewhite)

WASHINGTON (AP) — The Senate has approved an emergency bill to avert a first-ever government default with just hours to spare.

The strong bipartisan vote was 74-26. The measure now heads to President Barack Obama for his signature. The legislation makes a down payment on taming out-of-control budget deficits.