JUST IN: Senate Majority Leader Schumer announces agreement to extend the debt limit through early December, temporarily ending a partisan standoff just 11 days before the government's deadline to avert default.
through early December, temporarily ending a partisan standoff just 11 days before the government's deadline to avert default.The deal would raise the limit by $480 billion, which is the figure U.S. Treasury Secretary Janet Yellen says is needed to get to Dec. 3, according to a Senate aide.
The agreement could serve as the basis for a short-term fix as the nation faces an Oct. 18 deadline to lift the limit. A vote on the agreement is possible Thursday and would need 60 votes to prevent what the Treasury Department warns would be an economic calamity if the country defaults for the first time."Republican and Democratic members and staff negotiated through the night in good faith," Senate Minority Leader Mitch McConnell said Thursday.
"This will moot Democrats’ excuses about the time crunch they created and give the unified Democratic government more than enough time to pass standalone debt limit legislation through reconciliation," McConnell, R-Ky., said in a statement.
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Schumer: Deal reached to extend debt ceiling until early DecemberSenate Majority Leader Chuck Schumer has announced Democrats and Republicans have reached a short-term deal to avert the U.S. defaulting on its debt.
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Schumer Says Deal Reached on Short-Term Debt-Limit ExtensionSenate Majority Leader Chuck Schumer said he reached a deal with Republicans to defer a showdown over the debt ceiling until December, in the face of mounting concerns over a possible government default.
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McConnell says Republicans will not block a debt limit extension into DecemberJUST IN: Senate Minority Leader McConnell says he will support a debt limit extension into December to give Democrats more time to enact a long-term solution on their own.
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Parties play with political fire around debt ceiling: The NoteRepublicans see this moment as an opportunity to do what they can to stifle the Democrats’ agenda, rickklein writes. That may leave Democrats with only one real option:
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Congress faces 3 major economic deadlines before the year ends: Debt limit, infrastructure and government fundingLawmakers aim to raise the debt ceiling and pass both pieces of Biden's economic agenda this month, then avoid a shutdown by December.
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