WASHINGTON (AP) — President Joe Biden has signed a bill raising the country’s debt limit until early December, delaying the prospect of an unprecedented federal bankruptcy that would spark economic disaster.
The Senate approved it last week in a party-vote. After that, the Senate approved the increase to the loan ceiling of $480 billion by the House.
Although initial Democratic attempts to raise the debt limit were thwarted by Senate Republicans, a few Republicans joined Democrats and allowed the bill for discussion.
Senate GOP leader Mitch McConnell said that Republicans would not support another tax hike in December.