It is expected that the additional funds will last until December 3.

U.S. President Joe Biden has signed a bill temporarily raising the debt limit to $28.9 trillion, which will prevent the threat of default only until December.

According to the Ministry of Finance estimates, without raising the debt ceiling by October 18, he would have run out of funds to pay for the country’s expenses.

The bill signed by Biden provides for an increase in the borrowing limit by $ 480 billion. It is expected that these funds will be exhausted by December 3.

After weeks of bipartisan wrangling, the Senate approved a short-term solution last week, and the House of Representatives passed it on Tuesday.

Senate Republican leader Mitch McConnell sent a letter to Biden after the Senate vote, saying he would no longer help Democrats raise the debt limit.