Biden signs debt limit hike, but ...

President Joe Biden on Thursday signed into law a bill raising the nation’s debt limit until early December. This has delayed the risk of an unprecedented federal default. Markets had already given a sigh of relief when this passed Congress, but December looms. 

The House passed the $480 billion increase in the country’s borrowing ceiling on Tuesday, following the Senate approving it on a party-line vote last week. However, Minority Leader Mitch McConnell has said Republicans will offer no support for another increase in December.