PUNT TO DECEMBER

Senate Passes Temporary Debt Ceiling Hike After Showdown

Sen. Mitch McConnell said the day before he would not mount a Republican stonewalling effort. The vote punts a possible debt default to December.

The Senate passed a temporary increase to the ceiling of permissible national debt Thursday, avoiding an impending Oct. 18 default. The measure, which passed 50-48 along party lines, will last until early December, when similar negotiations are likely to begin again. The legislation will the debt limit by $480 billion, according to CNN. The legislation now goes to the House for a vote, where it is expected to pass. Senate Minority Leader Mitch McConnell (R-KY) said the day before he would not mount a Republican stonewalling effort, as he originally indicated he would, telling Democrats to pass the hike by budget reconciliation. Treasury Secretary Janet Yellen had warned that a default on the national debt could cause a nationwide recession, among other dire consequences.