Short-term reprieve avoids default but only delays a major political clash over the borrowing limit.
The Senate late Thursday adopted a short-term measure to raise the country’s debt ceiling into early December, a move that could pull the federal government back from the fiscal brink even though it risked reigniting the high-stakes battle at the end of the year.
Lawmakers adopted the proposal strictly along party lines, with Democrats voting to lift the country’s borrowing cap by $480 billion and Republicans maintaining their steadfast opposition to it. The divide persisted even amid repeated warnings from President Biden this week that inaction threatened to plunge the country into a new recession.
Lawmakers adopted the proposal strictly along party lines, with Democrats voting to lift the country’s borrowing cap by $480 billion and Republicans maintaining their steadfast opposition to it. The divide persisted even amid repeated warnings from President Biden this week that inaction threatened to plunge the country into a new recession.