JUST IN: The House has approved an extension of the nation's debt limit through early December after the Senate passed the stopgap measure last week in a bid to avert a catastrophic default and economic disaster. Pres. Biden is expected to sign the bill.
Now that the Democratic-controlled House has passed the short-term extension, it is cleared for President Joe Biden's signature.Treasury Secretary Janet Yellen had warned lawmakers that the federal government would likely run out of cash by October 18 unless Congress raised the debt ceiling, setting up a ticking clock and high stakes. Congress may not even have had that long to act since the deadline is more of a best-guess estimate than a set-in-stone deadline.
Republicans have been insistent that Democrats must act alone to address the debt limit through a process known as budget reconciliation. Democrats have argued the issue is a bipartisan responsibility. They have so far largely dismissed the possibility of using reconciliation, arguing that process is too lengthy and unwieldy and that the risk of miscalculation would be too high.McConnell sent a letter to Biden at the end of last week with a warning.
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