WASHINGTON, Oct. 8 (Reuters) – The US Senate on Thursday approved a temporary increase in the debt ceiling, temporarily ruling out the risk of a default by the world’s largest economy.
The text was approved by 50 votes to 48 and will now go to the House of Representatives, where it is expected to be approved before US President Joe Biden signs it.
The House will vote on the text on Tuesday, according to House Democratic majority leader Steny Hoyer.
“President Biden looks forward to signing this bill as soon as it is passed by the House and is tabled on his desk,” White House spokeswoman Jen Psaki said in a statement Thursday.
Raising the debt ceiling by $ 480 billion brings the debt limit to $ 28.9 trillion (25.006 billion euros) and is expected to be used by December 3.
The law on the financing of the government and federal agencies is due to expire on the same date.
This means that over the next eight weeks, the sharply divided Congress will have to find common ground on spending by U.S. agencies through September 2022 – ranging from education and aid programs to foreigners to immigration enforcement and airport security – and agreeing to raise the debt ceiling for the longer term.
The vote comes as the United States was close to finding itself in a historic default.
“The Republicans have played a dangerous game and I am glad their strategy has not worked,” said Democratic Majority Leader in the US Senate Chuck Schumer.
The deal emerged when Senate Republican Minority Leader Mitch McConnell on Wednesday offered to temporarily raise the debt ceiling, which was the subject of intense negotiations on Capitol Hill throughout the evening.
(Report Susan Cornwell, David Morgan and Makini Brice, written by Richard Cowan; French version Camille Raynaud)
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