The U.S. House of Representatives late on Tuesday approved a measure allowing Congress to fast-track legislation raising the federal government's debt limit and stave off a potential unprecedented default.

The Senate is expected to take up the measure, which prevents the use of stalling tactics, on Thursday.

That would speed the way for Congress to consider separate legislation to actually increase the current $28.9 trillion limit on federal borrowing authority to a still-to-be-determined level.