US President Joe Biden has signed a bill granting a short-term extension of the debt ceiling, the White House announced, Report informs referring to CBS News.

The bill, which raises the debt limit by $480 billion, is expected to keep the federal government funded through early December.

While the debt limit extension staves off a default on the nation’s debt, it gives Congress just a temporary reprieve, as lawmakers now must find a way to address the debt limit by December 3.

The current national debt is $28.4 trillion and would be permitted to rise to about $28.8 trillion, according to CNBC.