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U.S. Congress approves boosting debt limit to $31.4 trillion

The U.S. Congress on Tuesday approved raising the federal government's debt limit by $2.5 trillion, to about $31.4 trillion, sending the bill to President Joe Biden to sign and avert an unprecedented default.

The passage follows a months-long standoff between Democrats and Republicans, with the latter seeking to force Biden's party to raise the debt limit on its own from the current $28.9 trillion level, generating fodder for attack ads during the 2022 congressional elections.

The Democratic-led House of Representatives approved the bill in a 221-209 vote.

Reference: Reuters