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We get the latest from Washington as Congress gets to vote on raising the debt ceiling. The US would begin defaulting on its $31.4tn debt if the borrowing limit is not lifted by 5 June.

Ed Butler discusses this and more of the world's business news with Financial Journalist and broadcaster Salve Duplito in the Philippines and Peter Jankowskis from Arbor Financial Services in the US.

(Photo: The dome of the US Capitol Building is reflected in a puddle on a rainy morning in Washington, 2 February, 2012. Credit: Kevin Lamarque/Reuters)