U.S. House agrees to short-term increase in debt cap
The U.S. House agreed to a short-term, $480 billion increase in the debt cap.[Estelle Doro]
WASHINGTON (AP) – Members of the House have approved a short-term hike to the nation’s debt limit.
The vote Tuesday evening ensures the federal government can continue fully paying its bills into December.
The legislation next goes to President Joe Biden’s desk to be signed into law.
A default would have had immense fallout on global financial markets, and routine government payments to Social Security beneficiaries, disabled veterans and others would have been called into question.
But the relief provided will only be temporary, forcing Congress to revisit the issue in December, with Republicans promising that Democrats will have to lift the cap without their assistance.