URGENT: U.S. House passes debt limit bill days before possible default

The U.S. House of Representatives on Wednesday passed a bill to suspend the government’s borrowing limit for two years, just days before a potential first-ever default on the national debt.

The passage came after weeks of tense negotiations between President Joe Biden and House Speaker Kevin McCarthy. The two finally struck a deal over the weekend to suspend the $31.4 trillion cap through Jan. 1, 2025, paving the way for the federal government to continue borrowing money and issuing payments on time.