The U.S. House approved Tuesday legislation that would raise the debt ceiling, temporarily putting off a first-ever federal default.
Representatives voted 219-206 to pass the measure, which lifts the debt ceiling by $480 billion into early December. Every House Republican voted against. Senators narrowly passed the temporary fix last week.
The bill now goes to President Joe Biden, who is expected to sign it into law this week.
The Treasury Department had estimated the federal government would have enough money to cover debt payments through Oct. 18, prompting the increase.
The extension passed Tuesday will cover financial obligations through Dec. 3 — the same day the federal government would shut down if Congress does not pass the dozen annual spending bills.
House Speaker Nancy Pelosi on Tuesday said the temporary boost to the debt limit “protects the American economy.”
Not having passed the measure, Pelosi said, would have translated to “a loss of up to six million jobs, the elimination of $15 trillion in household wealth and drastic increases in the cost of loans, car loans, mortgages, student loans, credit card bills and other borrowing.”
Letting the federal government default on its debt would have also affected routine government payments issued through programs like the Supplemental Nutrition Assistance Program (SNAP).
SNAP, which is administered by USDA, provides assistance to income-limited people for purchasing food. Over 42 million people are enrolled nationwide, and nearly 2 million Illinoisans receive benefits through the program.