US Senate votes to avert government debt default, House to follow suit

[WASHINGTON] The US Senate voted on Tuesday to raise the federal debt limit, moving the country a step closer to eliminating the threat of a calamitous credit default - just one day ahead of the deadline set by the Treasury.

The deeply divided upper chamber of Congress voted along party lines to raise the borrowing cap by US$2.5 trillion, and the House of Representatives is expected follow suit later in the day - staving off the next showdown until at least 2023.

AFP