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According to CNN, the Debt Ceiling Deal has passed the Senate. The debt ceiling battle was rumored to come down to a "final vote" but passed with well over 60 votes.

The bill calls for $2.5 trillion in cuts over 10 years and a debt ceiling increase between $2.1 and $2.4 trillion.  The Treasury's borrowing needs will be met until 2013 under the debt increase, while domestic and defense spending would be capped immediately.

As of right now, entitlement programs will not be affected. According to President Obama, the result will be the lowest amount of domestic spending since Dwight Eisenhower's presidency.

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