On Thursday, October 7th, the U.S. Senate approved a short term debt limit increase that provided additional borrowing authority for the United States that would prevent the government from defaulting on debts owed and creating a credit crisis. The House is scheduled to approve the measure on Tuesday, October 12th. The amount of increase ($480 billion) is only expected to last into December, a time at which Congress must also determine how to fund continuing government operations with an annual spending bill for fiscal year 2022. Outside of the annual spending bills, Congress also continues to debate a bipartisan infrastructure bill and a plan by democrats for additional spending and new taxes under a budget process known as reconciliation.
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https://www.arkansasonline.com/news/2021/oct/08/senate-votes-50-48-to-raise-debt-ceiling/?news