US House passes bill to defuse looming debt crisis

US Debt Limit

Speaker of the House John Boehner, R-Ohio, and the House GOP leadership speak to reporters after a closed-door meeting on avoiding a potential debt c

The U.S. House of Representatives has passed a bill to permit the government to borrow enough money to avoid its first-ever default for at least four months, defusing a crisis looming next month and setting the stage for a debate over taxes, spending and the deficit.
The House passed the measure by a 285-144 vote, a bipartisan showing on an initiative brought by majority Republicans. The opposition party is backing away from its previous demand that any increase in the government's borrowing cap be paired with an equivalent level of spending cuts.
Senate Democratic Leader Harry Reid said the chamber would immediately move to advance the legislation to the White House, which has announced that Obama would sign it.