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House approves final debt limit deal

The House of Representatives on Friday voted to extend the federal debt limit and keep the federal government running until Dec. 8 as part of a package that includes recovery aid for victims of Hurricane Harvey.

The 316-90 vote came after Senate approval on Thursday, following a deal struck between President Donald Trump and Democrats. All 90 of the House votes against the measure came from Republicans.

The short-term deal, which does not include any federal budget reforms, showed that bipartisanship is possible, but "it has only postponed the tough decisions," said Shai Akabas, director of economic policy at the Bipartisan Policy Center in Washington.

"Over the summer, we saw spiking interest rates on U.S. Treasury bills and thus added taxpayer costs due to the debt limit. With the debt limit being reinstated on Dec. 9, we can now expect those costs to recur in the coming months," he said.

Noting uncertainty over spending needs for Hurricanes Harvey and Irma, the Bipartisan Policy Center is currently projecting that the debt limit will be reached in March 2018.