Home » Politics » House votes to lift debt ceiling, likely delaying default showdown until December
House votes to lift debt ceiling, likely delaying default showdown until December
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House lawmakers approved a $480 billion hike to the debt ceiling on Tuesday, averting a potentially catastrophic U.S. default for at least another two months and teeing up another showdown over a long-term solution.
The Democrat-controlled House passed the measure in a 219-206 vote along party lines. The vote brought the House in sync with the Senate, which passed its own bill last week raising the debt limit by $480 billion. President Biden is expected to sign the bill.
The resolution will allow the federal government to cover its debt obligations through Dec. 3. Democratic lawmakers will use the temporary reprieve to identify a long-term solution to raise the debt limit without Republican support.
The debt ceiling bill’s passage followed a lengthy standoff on Capitol Hill. Treasury Secretary Janet Yellen and business leaders had warned of a potential economic catastrophe if Congress did not approve a hike before the government runs out of money on Oct. 18.
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