January 1, House passes bill to raise debt ceiling through early December

The House of Representatives passed the bill to temporarily raise the debt ceiling to $28.9 trillion through early December, staving off financial disaster for another few months.

The measure passed in the Democrat-led House, with every Democratic member voting yes and every Republican voting no.

President Joe Biden will likely sign the bill into law this week, before the Oct. 18 deadline.

The move buys legislators roughly seven weeks to pass spending legislation to prevent a government shutdown.

Senate Minority Leader Mitch McConnell (R-KY) indicated to President Joe Biden that he would not assist Democrats with another debt limit increase.

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House passes bill to raise US debt ceiling through early December