Senate Republicans block bill to fund government, raise debt ceiling, as Congress scrambles to pass funding to avoid a government shutdown. The bill would have extended government funding to Dec. 3 and suspended the debt limit until Dec. 16, 2022, while also devoting billions to disaster aid and Afghan refugees. Without a funding extension, the federal government will shut down Friday. Ref. USAToday.
Senate Democrats reach deal with Republicans to extend debt ceiling into December. Senate Majority Leader Chuck Schumer, D-N.Y., said Democrats and Republicans reached a deal on a short-term extension of the debt ceiling into December. The Treasury Department said if Congress didn't raise the nation's limit on borrowing soon, the U.S. Would start defaulting on debts for the first time ever starting Oct. 18. Ref. USAToday.
House passes bill to raise debt ceiling into early December and avoid default. The legislation now heads to President Biden’s desk. The short-term bill allows the government to pay its bills for a few more weeks, but lawmakers will have to raise the limit again in early December to avoid the risk of the U.S. Defaulting on its debts. The Treasury Department and experts say a default could lead to a global recession and would hurt 401(K)s and other investments. Ref. USAToday.