According to the estimates of the Ministry of Finance, this will cover the country’s expenses until December 3.

On Tuesday, the Democrat-controlled House of Representatives of the U.S. Congress approved an increase in the national debt ceiling by $480 billion, which, according to estimates by the U.S. Treasury, will cover the costs until December 3. The C-SPAN TV channel broadcasted the meeting.

Last week, a similar initiative was adopted by the Senate of the U.S. Congress. Now it will go to President Joe Biden. The White House earlier announced that the head of state intends to sign it.

The measure approved by both chambers of Congress will raise the national debt limit to about $28.9 trillion. If lawmakers were unable to reach a compromise on the borrowing ceiling, the U.S. could face the threat of default.