[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2009/images/12/24/art.debt1.cnn.jpg caption="Debt has more than doubled since 2000."]New York (CNNMoney.com) - With the federal government inching close to the debt ceiling, the Senate on Thursday passed a $290 billion increase to the amount of debt the Treasury is allowed to have.
The 60-39 vote follows House approval earlier this month of the same measure. President Obama is expected to sign the bill soon.
The new law raises the debt ceiling to $12.394 trillion from $12.104 trillion.
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As of Tuesday, the amount of debt subject to the limit on Treasury's books was $12.04 trillion, just $64 billion below the limit.
The increase is estimated to cover Treasury's borrowing needs through mid-February.