WASHINGTON (AP) — Members of the House have approved a short-term hike to the nation’s debt limit.
Tuesday night’s vote guarantees that the federal government can continue paying its bills in full until December.
The legislation is now on President Joe Biden’s desk, where it will be signed into law.
A default would have caused a huge fallout on global financial markets and routine payments to Social Security beneficiaries, disabled veterans, and other government agencies would have been questioned.
The relief will be temporary and Congress will have to revisit the issue in Dec.
Republicans have stated that Democrats will not be able to lift the cap with their help.