President Joe Biden on Thursday signed into law a bill raising the nation's debt limit until early December, delaying the prospect of an unprecedented federal default that would cause economic disaster.
. The eventual approval came after a protracted standoff with Senate Republicans, who derailed initial Democratic efforts with filibusters, delays that require 60 votes to halt.
Treasury Secretary Janet Yellen had warned that the U.S. would hit its borrowing limit Monday, an unprecedented situation that she and others cautioned could lead to economic catastrophe for a nation still reeling from a global pandemic. Routine government payments to Social Security beneficiaries, disabled veterans and active-duty military personnel would potentially be delayed, and the economic fallout in the U.S. could ripple through global markets.
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