Senate ends stalemate over debt limit, agrees to temporary extension through December

The Senate Thursday night ended a stalemate over the nation’s debt ceiling, agreeing to a temporary extension that portends another showdown in early December.

By a 50-48 vote, the Democratic-led Senate approved the two-month extension. Some Senate Republicans joined Democrats in ending a filibuster, allowing the bill to reach the floor and pass with a simple majority. The House, which is out of session next week, still needs to pass the measure before the U.S. Treasury defaults on Oct. 18.

“We pulled our country back from the cliff’s edge that Republicans tried to push us over,” said Senate Majority Leader Chuck Schumer, D-NY. House Speaker Nancy Pelosi said members could be called back early for a vote. President Joe Biden has indicated he would sign an extension if one reaches his desk. “The president looks forward to signing legislation to raise the debt limit when it is passed by Congress,” White House spokeswoman Karine Jean-Pierre said Thursday.

The deal merely postpones a long-term decision on the debt limit. Congress would need to act on another debt limit solution by December to avoid another risk of default. Senate GOP leader Mitch McConnell offered to extend the limit into December if Democrats put a precise dollar figure on how much they want to raise the limit. Republicans had threatened to filibuster Democrats’ effort to suspend the limit through Dec. 16, 2022 [MSN].