Senate avoids a US debt disaster, votes to extend borrowing

    WASHINGTON (AP) — The Senate has dodged a U.S. debt disaster by approving legislation to lift the federal limit on new borrowing by nearly a half-trillion dollars.

    The bill, likely to be approved by the House as well, should temporarily avert an unprecedented U.S. default that experts say would have devastated the economy and harmed millions of Americans.

    Approved Thursday night by the Senate, it will extend the government’s authority to borrow into December.

    However, that will provide only a temporary reprieve.

    The same battle will be revived as Democrats argue before yearend with Republicans, who say Democrats must lift the cap without their help.

    More from News of the North


    Add a comment

    Log in to the club to add your comment.

    Current Conditions

    Crude Oil Price