With a 50-48 vote, the Senate on Thursday night approved a bill that raises the debt ceiling through early December. The measure now goes to the House, where Democratic leaders are expected to quickly call lawmakers back for a vote.
The Treasury warned that if action wasn't taken by Oct. 18, the result could be catastrophic, with the United States defaulting on its debt for the first time. Senate Minority Leader Mitch McConnell (R-Ky.) led the GOP resistance against raising the debt limit, but on Wednesday he relented and offered a deal that grants a reprieve until early December.
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