BREAKING: Senate Majority Leader Chuck Schumer announces a temporary agreement reached on increasing the debt ceiling through December.
Cecilia Vega reports on the latest efforts to increase the U.S. debt limit ahead of the mid-October deadline.After weeks of high-stakes brinkmanship, Senate Majority Leader Chuck Schumer on Thursday announced Democrats and Republicans have reached a deal to avert the U.S. defaulting on its debt for the first time through a temporary increase in the debt ceiling through early December.
Democratic Senate Majority Leader Chuck Schumer leaves a meeting with other Democrats about raising the debt limit in Washington, Oct. 6, 2021. "The Senate is moving toward the plan I laid out last night to spare the American people a manufactured crisis," he said.
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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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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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Senate leaders strike deal on short-term debt limit patchSenate leaders have clinched a deal to steer the nation away from a fiscal cliff that would hit in less than two weeks, pushing their debt ceiling stalemate into December
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McConnell offers extension on U.S. debt ceiling into DecemberWASHINGTON (Reuters) -Top U.S. Senate Republican Mitch McConnell on Wednesday said his party would support an extension of the federal debt ceiling into December, a move that would head off a historic default with a heavy economic toll. That could provide an off-ramp to a months-long standoff between President Joe Biden's Democrats and McConnell's Republicans, who were expected to block on Wednesday a third attempt by Senate Democrats to raise the $28.4 trillion debt ceiling. 'To protect the American people from a near-term Democrat-created crisis, we will also allow Democrats to use normal procedures to pass an emergency debt limit extension at a fixed dollar amount to cover current spending levels into December,' McConnell said in a statement on Wednesday.
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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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Pentagon Warns Failing To Raise Debt Ceiling Could Harm National SecurityBiden has spent weeks warning about dire economic consequences if Congress fails to approve more federal borrowing before the government runs out of money on Oct. 18.
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