U.S. Senate approves temporary lift of debt ceiling, averts default

WASHINGTON, Oct 7 (Reuters) – The U.S. Senate approved legislation on Thursday to temporarily raise the federal government’s $28.4 trillion debt limit and avoid the risk of a historic default this month, but put off until early December a decision on a longer-lasting remedy.

The Senate voted 50-48 to pass the bill following weeks of partisan fighting. Earlier, 11 Republicans voted in favor of a procedural vote allowing the bill to proceed.

The Senate-passed bill now goes to the House of Representatives, which needs to approve it before President Joe Biden can sign it into law. The House will hold a vote on the bill on Tuesday, according to the office of the No. 2 House Democrat, Steny Hoyer.

“President Biden looks forward to signing this bill as soon as it passes the House and reaches his desk,” White House press secretary Jen Psaki said in statement on Thursday.

“As we approach the coming months, we hope that even more Republicans will join Democrats in responsibly addressing the debt limit instead of choosing default or obstruction.”

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Source: Reuters