Bloomberg Tax
Oct. 8, 2021, 9:01 AM

Debt Limit Deal Starts Eight Week Dash for Dems to Avoid Repeat

Jack Fitzpatrick
Jack Fitzpatrick

Lawmakers are on track to avoid a federal default by agreeing to a short-term raising of the debt limit, but Democrats will still face significant challenges in the coming months if they determine that budget reconciliation is their only path to allow government borrowing for a longer term.

Senators voted Thursday to raise the debt limit by $480 billion, aiming to punt the issue until December. The House will have to pass the measure (S. 1301) before sending it to President Joe Biden ahead of Treasury Secretary Janet Yellen’s estimated Oct. 18 deadline. House Majority Leader Steny Hoyer ...

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