Senate grapples with debt limit, stopgap funding with days to government shutdown

The Senate will vote on a measure aimed at averting a government shutdown and raising the federal debt limit Monday evening, but Republicans have promised to block it.

The Senate is poised to vote on a measure aimed at averting a government shutdown and raising the federal debt limit Monday evening, but Republicans have promised to block it.

If Monday's vote fails, as it is expected to, Congress will be left with just four days to cobble together a government funding bill.

The measure being considered by senators Monday would extend federal funding at the current levels through early December and provide billions in emergency relief funds for Afghan refugee resettlement and Hurricane Ida relief. It also includes raising the federal debt limit through December 2022.

The debt limit must be dealt with by mid-October if lawmakers hope to avert potential financial calamity. Experts warn that failure to act could lead to the stock market crashing, rising rates for mortgages, loans and credit cards, and businesses finding it more expensive to do basic business, leading to layoffs.