URGENT ¥¥¥ US Congress postpones 'debt ceiling' deadline until May

The US Congress voted Thursday to suspend the US debt ceiling until May, giving lawmakers three months for high-stakes budget negotiations and averting a potentially catastrophic default.

The Senate voted 64 to 34 in favor of the bill, which had already passed in the House of Representatives last week, authorizing the government to exceed the legal borrowing limit until May 18 as Democrats and Republicans struggle to reach a broader deal to rein in deficits and the federal debt.