Speed Reads

breaking news

House approves legislation raising the debt ceiling until early December

The House on Tuesday evening approved a $480 billion debt ceiling increase, temporarily averting a default that could have been catastrophic to the U.S. economy.

The 219-206 vote was along party lines. Last Thursday, the Senate passed the bill with a vote of 50-48. President Biden is expected to quickly sign the measure into law.

Last month, the Treasury Department estimated that without congressional action, it wouldn't be able to pay the country's bills after Oct. 18. This new measure provides relief through Dec. 3, meaning lawmakers will have to revisit the issue soon. On Friday, Senate Minority Leader Mitch McConnell (R-Ky.) wrote to Biden, telling him he won't work with Democrats on another debt limit increase.