US House passes debt extension bill

Jan 24 2013, 00:37 IST
Comments 0
SummaryAt issue is the US debt — nearly $16.5 trillion and rising fast.

The US House of Representatives approved legislation Wednesday to suspend for nearly four months the requirement for Congress to approve a higher limit on America's borrowing, as Republicans who control the chamber backed away from an immediate battle with second-term President Barack Obama and a possible first-ever default on the country's obligations.

At issue is the US debt — nearly $16.5 trillion and rising fast. The law requires that Congress approve raising the amount the federal government can borrow to pay its obligations — such as payments to contractors, unemployment benefits and interest payments to US bondholders — as the debt exceeds the previous limit.

Ads by Google

More from Business

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...