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 also for the health of world economy.

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

With the US debt default deadline precariously close, President Joe Biden said his administration was close to achieving a breakthrough. For the first time in many weeks, Biden seemed upbeat about the prospect of getting the deal done and raising the debt ceiling.

'It's very close...': Biden sounds optimistic on breakthrough in debt ceiling talks

United States President Joe Biden struck a deal ‘in principle’ with Republican lawmakers to increase the debt ceiling of the country on Saturday, in a first crucial step towards averting the disastrous default with a few days to spare.

US: Biden, Republicans reach ‘in principle’ deal to avert catastrophic debt default

US President Joe Biden and top congressional Republican Kevin McCarthy will meet on Tuesday to make progress on a deal to raise the US government's $31.4 trillion debt ceiling.

‘Time is running out’ as Joe Biden, McCarthy meet in bid to resolve US debt ceiling deadlock

In a major development in the US debt ceiling battle, the United States House of Representatives on Wednesday passed a bill to raise the government's debt ceiling and make drastic budget cuts over the next decade.

US House passes bill to raise debt ceiling; proposal to face major Senate hurdle

The US House of Representatives passed a bill, narrowly at it, to raise the government's debt limit. The bill, passed on Wednesday by a 217-215 vote, proposes to increase the borrowing limit by $1.

US House passes bill to revise ''debt ceiling'': Decoding the controversial term

US Republican lawmakers passed a bill to raise the government's debt ceiling on Wednesday. While US debt default looms, the bill has introduced sweeping spending cuts for the next decade.

US House passes debt limit bill in a major win for Republicans

The US Senate approved legislation to temporarily raise the federal government's $28.4 trillion debt limit and avoid the risk of a historic default this month.

US Senate approves debt limit hike to avoid default