Update: President Obama has signed the debt bill into law, immediately giving the Treasury a reprieve of $400 billion in new borrowing authority. “It was a long and contentious debate” said the president. “And I want to thank the American people for keeping up the pressure on their elected officials to put politics aside and work together.”

Update: Following the passage of the bill in the Senate, the President is making a statement on the deal. To view the speech click here.

Update: The final tally is in. The bill passes by 74-26. 45 Democrats, 28 Republicans and one Independent voted yes while 19 Republicans, 6 Democrats and one Independent voted no, reports Politico reporter Manu Raju. Senate Minority Leader Mitch McConnell said the bill "represents a new way of doing business in Washington,” noting that “We have changed the debate. We’re headed in the right direction,” reports The Washington Post. He told Tea Party Republicans that “although you may not see it this way, you’ve actually won this debate.”

The Senate has approved a bipartisan agreement to raise the federal debt ceiling and slash $2.4 trillion from the budget following a 269-161 vote in the House last night. While votes are still being counted, the bill has crossed the necessary 60-vote threshold. The vote ends a colossal government fight between Democrats and Republicans that caused many to fear a government default on debts. The bill moves to President Obama for his signature where he's expected to sign it immediately. The final tally will be announced shortly.