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

U.S. House Speaker Nancy Pelosi (D-CA) walks from the House floor to her office at the U.S. Capitol in Washington

WASHINGTON (Reuters) – A majority of the U.S. House of Representatives on Tuesday voted to pass legislation raising the Treasury Department’s borrowing limit to $28.9 trillion, averting a debt default that otherwise could have occurred around Oct. 18.

President Joe Biden is expected to promptly sign the bill into law. The new level of borrowing authority is expected to be exhausted around Dec. 3, requiring Congress to act again before then.

(Reporting by Richard Cowan; Editing by Scott Malone)