The House of Representatives, the lower house of the US Congress, voted on Wednesday to raise the federal debt ceiling, bringing the country closer to eliminating the threat of default five days ahead of a deadline set by the Treasury Department.
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The House of Representatives voted 314 to 117 to repeal the debt ceiling until January 1, 2025, so that the issue does not have to be revisited next year when the presidential election is held.
It is expected that by the end of the week, the vote on raising the national debt ceiling will also take place in the Senate, the upper house of Congress.
The U.S. Treasury Department had estimated that the U.S. national debt ceiling, currently at $31.4 trillion, would be reached on June 5. Failure to reach a solution by this date would result in a state default.
2023-06-01 03:48:23
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