BREAKING NEWS

US House of Representatives passes debt bill

By REUTERS

AUGUST 2, 2011 04:08

WASHINGTON - The House of Representatives on Monday approved a last-gasp deal to raise the US borrowing limit in a decisive step toward averting a catastrophic debt default by the world's largest economy.

A day before the deadline to lift the debt ceiling, the passage by the Republican-controlled House of the $2.1 trillion deficit-cutting plan hammered out over the weekend cleared the way for the Senate to approve it.

The House vote of approval had been considered the biggest obstacle to a solution of the crisis.

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