NEW YORK, May 31 (Reuters) - The cost of insuring exposure to a U.S. debt default rose on Wednesday, with investors focused on a debt ceiling vote in the House of Representatives later in the day.
The U.S. one-year credit default swap (CDS) - a market-based gauge of the risk of default - climbed to 76 basis points (bps) from 56 bps late on Tuesday, data from S&P Global Market Intelligence showed.
U.S. five-year CDS also edged up to 43 bps versus 42 bps the previous session.
The House Rules Committee late on Tuesday, in the first procedural vote on the legislation, cleared the measure for debate in the full House on Wednesday.
Speaker Kevin McCarthy predicted that the evening vote would succeed, telling reporters, "It's going to become law."
Persons:
Kevin McCarthy, Karl Schamotta, Schamotta, Gertrude Chavez, Dreyfuss, Will Dunham
Organizations:
YORK, U.S, P Global Market Intelligence, Republicans, Republican Freedom Caucus, Democratic Party, Thomson
Locations:
U.S, Toronto