BGOV Bill Summary: Debt Limit Short-Term Increase (2)

The debt limit would be increased by $480 billion to $28.9 trillion, temporarily averting a potential default, under a Senate amendment to the House-passed version of S. 1301.

The increase would let the U.S. continue to meet its obligations into December.

The Senate passed the measure along party lines on Oct. 7, after Majority Leader Chuck Schumer (D-N.Y.) and Minority Leader Mitch McConnell (R-Ky.) struck a deal to reach the 60 votes required to advance the bill.

Republicans blocked previous efforts to suspend the debt limit for a longer period — such as the Dec. 16, 2022, deadline in ...