House to vote to extend debt ceiling through early December

By Clare Foran & Kristin Wilson

Read the full article from CNN, here.

Treasury Secretary Janet Yellen has warned lawmakers that the federal government will likely run out of cash by October 18 unless Congress raises the debt ceiling, setting up a ticking clock and high stakes. Congress may not even have that long to act since the deadline is more of a best-guess estimate than a set-in-stone deadline. That dynamic intensified pressure on Democrats and Republicans to reach a deal to address the debt limit.

But the temporary debt limit extension is only a short-term fix and sets up another looming potential fiscal crisis later this year when it runs out.

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