(CNBC) Congressional Democrats passed a debt ceiling increase and sent it to President Joe Biden’s desk early Wednesday, the deadline that Treasury Secretary Janet Yellen warned could mark the start of the first-ever U.S. default. The president is expected to sign the borrowing limit hike just hours before the Treasury Department forecasts it would exhaust its tools to pay the government’s bills — an outcome that could upend the U.S. economy.
House passes debt ceiling increase, sending it to Biden to avoid default hours before deadline
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