US House of Representatives Passes Debt Limit Bill

US Senate Majority Leader Harry Reid (C) delivers remarks on the debt negotiations to members of the news media. Photo by BGNES

The US House of Representatives passed late Monday night the bill raising the US debt limit and avoiding default.

The bill was passed by 269 votes to 161 and is expected to be approved by the Senate and signed into law by President Barack Obama later on Tuesday.

Senate Democratic Majority Leader Harry Reid announced the upper chamber, the Senate, would vote on the deal at 12:00 local time Tuesday.

The bill raises the debt limit by up to USD 2.4 TN from USD 14.3 TN, and makes savings of at least USD 2.1 TN in 10 years.

House Democrats were evenly split on the legislation - 95 for and 95 against - while 174 Republicans voted for the measure and 66 opposed it.

The debates took about an hour and a half, but have been heated.

That vote will take place barely 12 hours before Washington is due - according to the US treasury department - to become unable to meet all its bills.

US Republican and Democratic leaders finally reached an agreement on raising the US debt limit overnight Sunday into Monday.

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