House passes short-term debt limit increase, setting up new December showdown
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(Worthy News) – The House voted Tuesday to extend the nation’s borrowing limit until early December, clearing the measure for President Joe Biden’s signature and averting a default that Treasury Secretary Janet Yellen warned could happen as soon as Oct. 18.
The measure, which passed 219 to 206 with no Republicans voting in favor, provides Yellen $480 billion in new borrowing authority, but the temporary extension means Congress must address a major fiscal cliff in a matter of weeks.
A short-term measure to keep the federal government funded also expires on Dec. 3. [ Source: Washington Examiner (Read More…) ]
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