The US Senate agreed to raise the country’s debt ceiling on Tuesday, ending months of political wrangling and avoiding a federal default.
The deal cleared the Republican-controlled House of Representatives on Monday.
Lawmakers in the Democratic-controlled upper house voted 74-26 in favour of lifting the limit on US borrowing until 2013.
It will be raised by 2.4 trillion dollars from its current level of 14.3 trillion dollars (10 trillion euros).
US President Barack Obama was expected to sign the bill into law later on Tuesday.
The compromise deal includes plans to cut 2.1 trillion dollar in spending over the next ten years.
The package has angered the right of the Republican Party, which wanted deeper spending cuts.
Left-wing Democrats are angry that no tax raises have been included.