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House Sends Debt Limit Hike To Biden, Staving Off Default

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House Speaker Nancy Pelosi of Calif., back to her office after convening the House for legislative business at the Capitol in Washington, Tuesday, Oct. 12, 2021. The House is expected to vote to increase the debt limit later this afternoon. (AP Photo/Andrew Harnik)

(AP) — The House has approved a short-term hike to the nation’s debt limit. The vote Tuesday evening ensures the federal government can continue fully paying its bills into December. The legislation next goes to President Joe Biden’s desk to be signed into law. A default would have had immense fallout on global financial markets, and routine government payments to Social Security beneficiaries, disabled veterans and others would have been called into question. But the relief provided will only be temporary, forcing Congress to revisit the issue in December, with Republicans promising that Democrats will have to lift the cap without their assistance.

 

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