the house to be approved and the democratic party controls the democratic party controls the house. it will land on president biden s desk. he will then sign it, it will be 480 billion dollars which will cover spending until the third of december. adverts are crisis, it is an understatement to call that because america, had it defaulted on its debt, it could have gone into a recession. the economy is in a precarious situation at the moment, americans would have experienced realfinancial hardship, people wouldn t have got paid, global markets would have been in turmoil, the credit rating agencies would have down there setting. this is going to happen again in a couple of months because only until the third of december which means that we will be talking about this all over again. we certainly well. more on that in business in half an hour. first, a quick update on some of the day s other news. police in north west nigeria say they have now rescued 187 villages
about $480 billion, which would allow spending to be covered until december third. and of course it is worth mentioning that we talk about the political drama playing out here in dc, but this has huge consequences for americans across the country, defaulting would impact so much, people can pick up their social security payments, it would affect the military payments also. there would be rising credit on credit cards and mortgage loans and car loans, that sort of thing, and credit rating agencies have even said they could downgrade the nation s standing. all of this at a time when the economy is in a precarious situation. so this is a very welcome to compromise, but itjust kicks it down the road for a couple of months. it means the democratic party will find themselves again in this position come december. find themselves again in this position come december. and it will be a very position come december. and it will be a very busy position come december. and it will be a very busy
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we will find out if the projections due to cases nationwide but if they fall short again with the supply shortages and rising inflation threatening a recovery look for the president to blame the pandemic as he praises vaccine mandates yesterday for helping the economy. more people are getting vaccinated, more lives are being saved. when you see headlines and reports of mass firings and hundreds of people losing their jobs look at the bigger story. reporter: this as the senate punted the fiscal disaster to december voting to increase the debt ceiling by $480 billion temporarily averting the nation s first default in history. the move wouldn t have happened without deal struck by mitch mcconnell but afterwards both sides blaming each other. republicans played a
already see this movie? it s way too early for this. good morning and welcome to way too early, the show that really could use a long weekend. i m jonathan lemire on this friday, october 8th. we ll start with the news. with just days go before the federal government was set to default on its national debt for the first time ever, the senate passed a short-term measure to raise the country s debt ceiling. senate minority leader mitch mcconnell provided democrats the ten votes necessary to advance the bill yesterday after a tense stalemate. the new measure lifts the country s borrowing cap by $480 billion, temporarily putting off what secretary janet yellen warned would be a, quote, utterly catastrophic democratic crisis. they look to early december when the next new limit expires and they ll have to negotiate the debt limit all over again. despite the votes democrats needed this time, mcconnell