House Clears Short-Term Debt-Cap Increase, Sending It to Biden

The House Tuesday approved a short-term increase in the government’s debt limit, sending the legislation to President Joe Biden just days before the U.S. Treasury was at risk of running out of borrowing authority.

The - 219-206 vote staves off the threat of an immediate financial calamity, but sets the stage for another partisan confrontation on debt and spending in less than two months.

Biden is expected to swiftly sign the bill to raise the statutory ceiling by $480 billion, a move designed to allow the Treasury Department to meet the federal government’s obligations through Dec. 3. Treasury Secretary Janet ...