US Senate votes to raise debt ceiling, averting catastrophic default

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The US Capitol is seen as the Senate Democrats and Republicans seeking a deal to avert a debt crisis in Washington, United States, October 7, 2021. REUTERS / Joshua Roberts

WASHINGTON, Oct. 7 (Reuters) – Legislation to increase U.S. federal borrowing power by $ 480 billion and avoid possible catastrophic defaults later this month received enough support in the Senate on Thursday to move towards its adoption.

Reporting by Richard Cowan and Makini Brice, editing by Rosalba O’Brien

Our Standards: Thomson Reuters Trust Principles.

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