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US House passes debt bill

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by Kay Mitchell

The US House of Representatives has passed the bill to lift the borrowing limit to avoid defaulting on its debt and risk losing its prized triple-A credit rating.

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

The passing of the bill comes after there were fears that the US defaulting on its debt could have caused a “major crisis”, according to the Chairman of the Federal Reserve, Ben Bernanke.

The debt limit will be raised by up to $2.4 trillion (£1.5 trillion) from $14.3 trillion.

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News posted: August 2, 2011

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