WASHINGTON, Sept. 27 (Xinhua) -- The U.S. Senate on Thursday approved a bill to raise the national debt limit by 850 billion U.S. dollars to 9.815 trillion dollars.

    The debt limit increase bill was passed in the Senate by a 53-42 vote, and has been sent to President George W. Bush who is expected to sign it by Oct. 1, when the new fiscal year starts and the government hits its current borrowing ceiling of 8.965 trillion dollars.

    The House approved an increase in the national debt limit in May this year.

    Earlier this month, U.S. Treasury Secretary Henry Paulson urged quick actions from the Democrats-controlled Congress to raise the national debt limit, saying the U.S. government will hit the current debt ceiling on Oct. 1.

    The national debt is the total accumulation of annual budget deficits, which must be financed with borrowed money.

    The limit of the national debt has been raised several times since President Bush took office in 2001. The last time was in March 2006 when Congress agreed to raise the debt ceiling by 781 billion dollars.

U.S. treasury secretary urges Congress to raise national debt limit

    WASHINGTON, Sept. 19 (Xinhua) -- U.S. Treasury Secretary Henry Paulson Wednesday urged quick actions from the Democrats-controlled Congress to raise the national debt limit, saying the U.S. government will hit the current debt ceiling on Oct. 1.

    In a letter to congressional leaders, Paulson said that it was essential to protect the "full faith and credit" of the United States, especially at a time of financial market turmoil.  Full story