House kicks debt ceiling standoff to December

The House is on track to send a bill to President Biden that would effectively raise the federal debt limit through the beginning of December, punting a fiscal standoff through December.

The lower chamber is now working through votes on a Senate-passed bill that would raise the debt ceiling by $480 billion, enough money to keep the U.S. solvent through Dec. 3. After that point, the Treasury Department would have to take extraordinary measures to avert a default, as it has been since the debt limit was reimposed Aug. 1.

The bill is on track to pass  tonight, but at least one Republican lawmaker has sought to delay the vote, so stick with us for the latest updates. And while you’re waiting, catch up on coverage of how we got here.

  • Democrats are facing a daunting stretch as the party struggles to get beyond internal battles to win approval of President Biden’s agenda — and deal with other crises that have effectively been punted to the Christmas season.
  • Congress is on the verge of narrowly averting a catastrophic debt default — and some Democrats want it to be for the last time.
  • Speaker Nancy Pelosi (D-Calif.) said Tuesday she thinks a bill that would transfer the authority to raise the debt limit from Congress to the Treasury secretary “has merit.”

Senate GOP Leader Mitch McConnell (Ky.) warned President Biden on Friday that Republicans won’t help raise the debt ceiling later this year, and stated that a recent speech by Majority Leader Charles Schumer (D-N.Y) had “poisoned the well.”

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