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Senate dodges US debt disaster, voting to extend borrowing

Chuck Schumer
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WASHINGTON (AP) — The Senate has dodged a U.S. debt disaster by approving legislation to lift the federal limit on new borrowing by nearly a half-trillion dollars.

Approved Thursday night by a vote of 50-48, the legislation will extend the government’s authority to borrow into December.

The final vote happened after 11 Republicans joined Democrats to break a filibuster.

ABC News reports that House Speaker Nancy Pelosi may bring back lawmakers early to vote on the bill. The House is scheduled to be in recess until Oct. 19.

Janet Yellen, secretary of the Treasury, warned the U.S. would run out of money to pay its obligation if it didn't act by Oct. 18.

President Joe Biden is expected to sign the legislation once it makes it to his desk.