House passes short-term debt ceiling extension but spending cuts still loom

Bill extends the borrowing limit for more than three months, but a longer term solution still needed The House of Representatives voted on Wednesday to extend the US's borrowing limit for more than three months as the majority of Republicans backed down from their demands for more spending cuts. The Republican-sponsored bill still needs a Senate vote and presidential approval but is likely to receive both. Democrats said they would approve the bill without changes shortly before the vote, which ...