A potentially crippling U.S. debt default was averted late Wednesday, as Congress passed legislation to end a political showdown that had rattled financial markets, splintered the Republican Party and showcased Washington dysfunction.

The House voted 285-144 to reopen the government through Jan. 15, suspend the debt ceiling through Feb. 7 and lay the groundwork for talks over broader budget issues. The Senate earlier approved the bill 81-18. President Barack Obama signed the bill early Thursday morning.

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