20:15 ET<\/span><\/span><\/p>\nRepublicans in the US House have rejected a bill to raise the US debt limit, in what analysts describe as a bid to force government spending cuts.<\/p>\n
The chamber voted 318-97 against the bill, rejecting a call by US President Barack Obama to raise the debt limit without conditions.<\/p>\n
Republicans have called for spending cuts in return for a debt increase.<\/p>\n
The US treasury department has warned the US risks default if Congress does not authorise more borrowing by August.<\/p>\n
Some Democrats who supported Mr Obama’s position also voted against the bill after Democratic leaders criticised the bill as a Republican political ploy, noting Republican leaders brought the bill to a vote, then directed their caucus to vote against it.<\/p>\n
Republicans leaders have not indicated they will ultimately refuse to grant a debt limit increase, but say the US must bring government spending in line with tax revenue.<\/p>\n
The US national debt is $14.3 trillion (\u00a38.7 trillion), and the annual budget deficit is roughly $1.5bn.<\/p>\n
Leaders of both parties agree to the need to trim the budget, but Republicans have refused to allow tax increases, while Democrats have vowed to protect costly social programmes.<\/p>\n<\/div>\n
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