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AP National Business

Biden signs debt limit hike, but December standoff looms

President Biden signs an item into law.
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President Biden signs an item into law.
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Published 6:06 PM

By ALEXANDRA JAFFE
Associated Press

WASHINGTON (AP) — President Joe Biden has signed into law a bill raising the nation’s debt limit until early December, delaying the prospect of an unprecedented federal default that would cause economic disaster. The House passed the $480 billion increase in the country’s borrowing ceiling on Tuesday after the Senate approved it on a party-line vote last week. Senate Republicans had derailed initial Democratic efforts to raise the debt limit, but a handful of Republicans eventually joined Democrats and allowed the bill to come to the floor for a vote. Senate GOP Leader Mitch McConnell has said Republicans will offer no support for another increase in December.

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