President Biden Signs Debt Limit Hike, But December Standoff Looms
Newsy
The passage of the short-term debt ceiling increase ensures that, for now, the U.S. will continue to meet its obligations.
President Joe Biden on Thursday signed into law a bill raising the nation's debt limit until early December, delaying the prospect of an unprecedented federal default that would cause economic disaster.
The House passed the $480 billion increase in the country's borrowing ceiling on Tuesday, after the Senate approved it on a party-line vote last week. The eventual approval came after a protracted standoff with Senate Republicans, who derailed initial Democratic efforts with filibusters, delays that require 60 votes to halt.
Ultimately, a handful of Senate Republicans agreed to join Democrats and voted to end GOP delays and move to a final vote on the legislation, but Minority Leader Mitch McConnell has said Republicans will offer no support for another increase in December.
