The House of Representatives voted Tuesday to extend the nation's debt limit through early December after the Senate approved a stopgap measure last week in a bid to avert a catastrophic default and economic disaster.
Now that the Democratic-controlled House has passed the short-term extension, it is cleared for President Biden's signature. The party line vote was 219 to 206.
Treasury Secretary Janet Yellen has warned lawmakers that the federal government will likely run out of cash by Oct. 18 unless Congress raises the debt ceiling, setting up a ticking clock and high stakes. Congress may not even have that long to act since the deadline is more of a best-guess estimate than a set-in-stone deadline. That dynamic intensified pressure on Democrats and Republicans to reach a deal to address the debt limit.
But the temporary debt limit extension is only a short-term fix and sets up another looming potential fiscal crisis later this year when it runs out.