US Congress greenlights short-term deal to avert debt default
The US House of Representatives votes to stave off a credit default that would have sparked a recession and roiled world markets after Democrats and Republicans agreed to a stop-gap fix to raise the nation's debt limit.
The US House of Representatives voted Tuesday to stave off a credit default that would have sparked a recession and roiled world markets after Democrats and Republicans agreed to a stop-gap fix to raise the nation's debt limit.
The breakthrough -- which likely puts the crisis off until at least mid-December by adding another $480 billion to the borrowing cap -- came with an estimated six days to go until the country would no longer have been able to borrow money or pay off loans for the first time in its history.
The result was along party lines, as expected, with 219 "yes" votes from Democrats and none of the 206 Republican votes supporting the move.
