The Senate on Thursday voted 50-48 to pass a bill that would increase the U.S. debt limit by $480 billion, which the Department of the Treasury said could help the country pay its bills through Dec. 3rd, The Wall Street Journal reported.
The measure is now headed to the lower chamber. House Majority Leader Steny Hoyer, D-Md., said lawmakers are expected to vote on the bill on Oct. 12th.
The White House said President Biden would sign the measure. It also called on Congress to address the borrowing limit beyond December. The U.S. government currently operates under a continuing resolution, which is also set to expire on Dec. 3.
Defense Secretary and 2021 Wash100 Award winner Lloyd Austin issued a statement Wednesday citing the potential impacts on federal contractors and benefits of veterans and survivors, among others, if the country defaults on its obligations.
“If the United States defaults, it would undermine the economic strength on which our national security rests,” Austin noted.