The Globe and Mail reports in its Thursday edition that North American stocks fell on Wednesday as a deal to raise the federal debt ceiling headed toward a crucial vote in Congress, while unexpectedly strong reports on the U.S. labour market and the Canadian economy rattled investors who feared more central bank rate increases are on the way. A Reuters dispatch to The Globe says that the House of Representatives was expected to vote in the evening on a bill to lift the $31.4-trillion (U.S.) debt limit, a critical step to avoid a destabilizing default that could come early next week without congressional approval. House passage would send the bill to the Senate, where debate could stretch to the weekend, just before the June 5 date when the government could start to run out of money. Most analysts foresee the bill's approval. The S&P/TSX Composite Index ended down 0.9 per cent. For May, it lost 5.2 per cent, its biggest monthly decline so far in 2023. Data show that Canada's economy unexpectedly grew 3.1 per cent in the first quarter, bolstering bets for another Bank of Canada rate increase. Money markets are pricing in a 37-per-cent probability the bank will hike interest rates again next week.