The US House of Representatives on Wednesday (May 31) voted in favour of raising the country's debt ceiling. The passage of the legislation has brought the US one step closer to eliminating debt default, something that not only will be bad for the US but for the health of world economy. The deadline set by the US Treasury is just five days away.

US House passes debt ceiling deal, bill heads to Senate for nod before June 5 deadline

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debt ceiling-passed

US House passes debt ceiling deal, bill heads to Senate for nod before June 5 deadline