hello

October 7, 2021

Senate reaches short-term debt deal, avoiding crisis

Senate leaders reached an agreement to extend the debt ceiling into December, Senate Majority Leader Chuck Schumer (D-NY) announced Thursday.

“We have reached an agreement to extend the debt ceiling through early December,” Schumer said.

The agreement would increase the debt ceiling by $480 billion, which Treasury Department estimates indicate would extend the limit until Dec. 3. Senate Minority Leader Mitch McConnell (R-KY) also confirmed the deal.

“The Senate is moving toward the plan I laid out last night to spare the American people from an unprecedented crisis,” McConnell said. “The pathway our Democratic colleagues have accepted will spare the American people any near-term crisis.”

The agreement would need to pass through the House before being sent to President Biden.

Source:

Default crisis dodged — for now — with Dem-GOP debt accord

Leave a Reply

Your email address will not be published. Required fields are marked *

Scroll to top