Biden signs debt limit hike, but December standoff looms
President Biden signed a bill raising the national debt limit until December.[The White House / Cameron Smith]
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.