The House of Representatives has officially approved an extension to the nation’s debt limit through to early December

The vote officially prevents a governmental shutdown which would trigger an economic disaster.

This all follows the Senate passing the stopgap measure last week. and the extension is now clear to receive President Biden’s signature.

Treasury Secretary Janet Yellen had previously warned lawmakers that the federal government would run out of money by October 18 unless a resolution was agreed upon.

Evidently, this debt limit increase is only temporary and a further extension will be required at the end of the year to prevent a crisis.