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Debt limit hike headed to passage in U.S. House

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WASHINGTON, Oct 12 (Reuters) – A majority of the U.S. House of Representatives on Tuesday voted to go laws elevating the Treasury Department’s borrowing limit to $28.9 trillion, averting a debt default that in any other case may have occurred round Oct. 18.

President Joe Biden is anticipated to promptly signal the invoice into legislation. The new degree of borrowing authority is anticipated to be exhausted round Dec. 3, requiring Congress to act once more earlier than then.

Reporting by Richard Cowan; Editing by Scott Malone

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