Senate Passes Debt Deal No surprises as bill goes to Obama for his signature By John Johnson, Newser Staff Posted Aug 2, 2011 11:46 AM CDT 8 comments Comments Senate Majority Leader Harry Reid speaks to the media on Monday. (Getty Images) (Newser) – Just one more step to go now: The Senate passed the debt ceiling bill this afternoon as expected and sent it along to President Obama for his quick signature, reports MSNBC. The legislation, which passed 74-26, allows the ceiling to be raised just ahead of the midnight default deadline. It calls for more than $2 trillion in budget cuts over the next decade and establishes a bipartisan committee to find future cuts. The markets aren't exactly overwhelmed: The Dow was down about 100 points at mid-day after weak data on consumer spending, notes MarketWatch.