Biden signs debt limit hike, but December standoff looms

WASHINGTON (AP) – President Joe Biden has 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.

Senate Republicans had derailed initial Democratic efforts to raise the debt limit, but a handful of Republicans eventually joined Democrats and allowed the bill to come to the floor for a vote.

Senate GOP Leader Mitch McConnell has said Republicans will offer no support for another increase in December.