Senate avoids US debt disaster, votes to delay borrowing
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.
The bill, likely to be approved by the House as well, should temporarily avert an unprecedented U.S. default that experts say would have devastated the economy and harmed millions of Americans. Approved Thursday night by the Senate, it will extend the government’s authority to borrow into December. However, that will provide only a temporary reprieve.
The same battle will be revived as Democrats argue before yearend with Republicans, who say Democrats must lift the cap without their help.