On the night of Wednesday, the US House of Representatives voted overwhelmingly to pass a bill to raise the country's debt limit through January 1, 2025, CNN reports.

Avoiding global catastrophe

U.S. lawmakers are thus trying to avert the economic collapse that non-payments might otherwise cause.

June 5 is the date when the Ministry of Finance has said that it will no longer be able to repay its debts in full and on time, a scenario that risks triggering global economic catastrophe.

The Senate is uncertain

The bill then needs to be passed by the Senate before it can be sent to President Joe Biden to be signed into law.

What the results may be in the Senate is still uncertain then and is considered difficult to predict. It is unclear when a final vote will take place.

The timeframe for passing the bill through Congress is extremely tight and there is little room for error, putting enormous pressure on the leadership of both parties.