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Biden signs debt limit hike, but December standoff looms

Biden
Posted at 5:38 PM, Oct 14, 2021
and last updated 2021-10-14 20:38:14-04

WASHINGTON (AP) — President Joe Biden has signed a bill that raises 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.