The U.S. is expected to hit its debt ceiling Thursday, forcing the Treasury to take "extraordinary measures" to pay off its bills. A political stalemate could lead to an unprecedented federal default.

Congress approved a measure to increase the debt limit by $2.5 trillion, shifting the deadline for default until after the 2022 midterm elections.

After a deal was reached with Republicans, Senate Democrats passed a bill to avoid the immediate threat of default by shifting the debt limit deadline to early December.

The president is calling on Senate Republicans to allow a straight up or down vote on raising the debt ceiling. "If you don't want to help save the country, get out of the way," Biden said.

Treasury Secretary Janet Yellen warned lawmakers the government could run out of money by Oct. 18 unless Congress raises the debt ceiling.

Democrats have just over a week to come up with a plan to avoid a government shutdown after tying a spending bill to a suspension of the federal debt limit.