Gross.

(Reuters) — Senators passed emergency bill to avoid U.S. default on Tuesday.

Just hours before the Treasury’s authority to borrow funds runs out, the Senate approved the measure and send it to President Barack Obama to sign into law.

The bill overcame its biggest hurdle late on Monday when the Republican-led House of Representatives passed the $2.1-trillion deficit-reduction plan despite resistance from recalcitrant Tea Party conservatives and disappointed liberal Democrats.

The final vote was 74-26.

Obama will be speaking shortly, here’s the live video feed. I will live blog it as well.

Update: Obama’s press conference expected to start any minute.

• Speaking now.
• “just first step”
• Need “larger plan”
• Can’t reduce deficit with cuts alone, “balanced approach”
• Calls for tax hikes
• Ramping out the class warfare rhetoric
• Recovery hampered by everything but his econ policies
• “Uncertainty around debt hike hurting recovery”
• Won’t get past recession with reduced business regulations
• More stimulus spending

Presser over, of course he didn’t take any questions from reporters.

Update: Live video feed taken down.