US House passes debt ceiling deal as default threat looms

A divided U.S. House of Representatives passed a bill to suspend the $31.4 trillion debt ceiling on Wednesday, with majority support from both Democrats and Republicans to overcome opposition from hardline conservatives and avoid a catastrophic default.

The Republican-controlled House voted 314-117 to send the legislation to the Senate, which must enact the measure and get it to President Joe Biden's desk before a Monday deadline, when the federal government is expected to run out of money to pay its bills.

Biden expects to have the bill on his desk in time to avoid a default that would cripple the U.S. economy and unsettle world financial markets.