London, Feb. 12 ANI | 2 years ago

The US House of Representatives has passed an increase in the government's debt limit.

The move comes after the Republicans gave up on their attempt to win concessions from the Democrats in return.

The House voted 221-201 to waive the 17.2 trillion dollars debt limit for just over a year.

According to the BBC, the bill, when signed into law by President Barack Obama, will enable the US government to borrow money to fund its budget obligations and debt service.

The US government will run a budget deficit of about 514 billion dollars in its 2014 fiscal year.

(Posted on 12-02-2014)

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