The United States Senate passed short-term legislation on Thursday, Oct. 7, to lift the debt ceiling, which helps avert the risk of default later this month and keep the country solvent into December.
The chamber voted 50-48 along party lines on the temporary measure, which will add $480 billion to the federal government’s current debt limit of $28.4 trillion, expected to be exhausted by Dec. 3, Newsmax reported.
Republican Sens. Richard Burr (R-N.C.) and Marsha Blackburn (R-Tenn.) did not vote.
The bill now goes to the House for approval. The Hill citing the House Majority Leader Steny Hoyer (D-Md.), said they would return on Tuesday to vote on the measure before sending it to President Joe Biden’s desk.
The Senate’s passage comes after a months-long standoff that brings the country close to Oct. 18, the date that the Treasury Department forecast it would no longer be able to meet its payment obligations.
A day before the Senate’s vote, the bill passed a procedural hurdle that required 60 votes, and the Democrats got 11 Republican senators to join them.
On Wednesday, Senate GOP Leader Mitch McConnell (R-Ky.) said Republicans would let Democrats pass a short-term debt increase. Just hours later, Majority Leader Chuck Schumer (D-N.Y.) announced they had clinched a deal.
The temporary bill will buy time for a divided Congress to find a middle ground on a spending measure through Sept. 2022, ranging from education and foreign aid programs to immigration enforcement and airport security.