The Senate has dodged a U.S. debt disaster, voting to extend the government’s borrowing authority into December and temporarily avert an unprecedented federal default that experts warned would devastate the economy and harm millions of Americans.
The party-line Democratic vote of 50-48 in support of the bill to raise the government’s debt ceiling by nearly a half-trillion dollars brought instant relief in Washington and far beyond. However, it provides only a reprieve. Assuming the House goes along with the Senate’s Thursday night vote, which it will, Republican and Democratic lawmakers will still have to tackle their deep differences on the issue once more before yearend.
