US Senate votes to temporarily extend debt ceiling

The US Senate has voted to extend the debt ceiling until December 3, providing short-term relief to investors and executives who had fretted about a government default as soon as this month, Report informs, referring to Financial Times.

The upper chamber of Congress voted late on Thursday along party lines, 50-48, to extend the public borrowing limit by $480bn and avoid a default for the next two months.

The measure will need to be approved by the Democrat-held House of Representatives before being sent to president Joe Biden to be signed into law.

The current national debt will be permitted to rise to about $28.8 trillion.