The House and Senate passed legislation to suspend additional cuts to mandatory programs and initiate the process of raising the debt ceiling. The bill delays any additional sequestration cuts to Medicare, farm programs, and other mandatory spending programs and limits Senate debate on a separate debt ceiling increase bill, bypassing the legislative filibuster rules.

Congress will need another bill that would increase the debt limit to ensure the federal government doesn’t exceed its statutory borrowing limit and default. Congress is expected to swiftly draft and pass this legislation ahead of the December 15 deadline set by the Treasury Department.

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