US House of Representatives Approves Raising of Debt Ceiling

The House on Monday voted to approve a deal to raise the debt limit, voting 269-161 for a bill that would cut government spending by trillions and effectively raise the debt ceiling through the end of 2012.

The U.S. House of Representatives has approved a compromise deal to raise the country's debt limit and cutting spending, one day before the government is due to start defaulting on its debt.

The House of Representatives decisively passed a bill tonight to raise the nation's debt ceiling, capping months of negotiation between House Republicans and President Obama.