Posted 4 days ago
The House of Representatives voted late Tuesday to extend the federal debt ceiling through early December, sending the bill to President Joe Biden’s desk.
Biden is expected to sign the legislation, which was approved 219-206 along a party-line vote.
The bill would increase the debt limit by $480 billion until Dec. 3, lifting it from $28.4 trillion.
The move would temporarily avert a government default that Treasury Secretary Janet Yellen has warned would cause “irreparable” harm to the economy. The default was forecasted to happen by around Oct. 18, after which the Treasury Department would be unable to meet the government’s financial obligations.
The Senate passed the bill last week on a party-line vote of 50–48, coming after 11 Republicans, including Senate Minority Leader Mitch McConnell (R-Ky.), joined Democrats to end a filibuster that required 60 votes.
With the debt ceiling pressure warded off for now, lawmakers continue to debate over two Democrat spending bills—a $1.2 trillion infrastructure plan with nearly $550 billion in new sp... (Read more)
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