BEIJING, Jan. 24 (Xinhuanet) -- The US House of Representatives has passed a bill to extend the country's debt limit until May, buying time for high-stakes budget negotiations. The bill will now go to the Senate where it’s also expected to be passed. It will then have to be approved by President Barack Obama.

On Tuesday, the Obama administration said the president would not block a short-term extension if it passed Congress.

The United States surpassed its 16 trillion dollar borrowing limit late last year. The Treasury has taken extraordinary measures to keep paying the government’s bills until late February.

(Source: cntv.com)