The relief provided by passage of the legislation will only be temporary though, forcing Congress to revisit the issue in December.
A bill to raise the U.S. debt limit cleared the Senate on Thursday night, likely staving off a default crisis. House approval is still needed.
An agreement has been reached to extend the government's borrowing authority into December, temporarily averting a debt crisis.
Some politicians think they've found a silver bullet for the impasse over the debt limit: Mint a $1 trillion platinum coin, token of all tokens, and use it to flood the treasury with cash.
With only hours to spare, Congress passed legislation that would avoid a partial federal shutdown and keep the government funded through Dec. 3, and sent the bill to President Joe Biden.
Republican senators blocked a bill Monday night to keep the government operating and suspend the debt limit to avoid a default, but Democrats aiming to avert a shutdown are likely to try again.
Lawmakers are playing politics with the nation's pocketbook and the clock is ticking.
Another big fight is brewing over the U.S. debt ceiling. But what is it, really, and what happens when the U.S. hits the ceiling?
Recently-passed debt limit and defense spending legislation will drive up U.S. deficits over the next decade by $809 billion, the nonpartisan Congressional Budget Office reports.
All sides claimed credit for the against-the-odds political victory. The agreement outlines $1.37 trillion in agency spending next year.
Ranging from politics to fashion to entertainment and beyond, here's a look at the biggest stories from the past week.