1st June 2023

North AmericaCentral & South America

Debt ceiling deal: US passes bill

The House of Representatives has approved a deal to allow the US to increase its borrowing, days before it was expected to start defaulting on its debt.

The chamber passed it by a vote of 314-117, despite some defections on both sides.

The US Senate must vote on the bill later this week before President Joe Biden can sign it into law.

The government is forecast to hit its borrowing limit on Monday 5 June.

That has left little margin for error as lawmakers race to avoid the US defaulting on its $31.4tn (£25tn) debt, which underpins the global financial system.