Biden backs Congress's last-second debt limit hike

The White House released an official Statement of Administration Policy Tuesday supporting Senate Leadership’s deal to raise the U.S. debt limit by $2.5 trillion just one day ahead of the Dec. 15 deadline.

Senate Majority Leader Chuck Schumer and Minority Leader Mitch McConnell announced the agreement, which will allow Democrats to approve the measure without any Republican voters, on Tuesday. Schumer is expected to bring it to the floor that afternoon and from there send it to the House. Biden will likely sign the bill into law late Tuesday night or early Wednesday before visiting tornado-ravaged Kentucky.