House Speaker Nancy Pelosi (D-Calif.) speaks at a news conference at the U.S. Capitol in Washington, on Oct. 12, 2021. (Anna Moneymaker/Getty Images) 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. Rep. Michelle Fischbach (R-Minn.) looks at the final version of the bill to increase the debt limit as the House Rules Committee meets at the Capitol in Washington, on Oct. 12, 2021. (AP Photo/J. Scott Applewhite) With the debt ceiling pressure warded […]
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