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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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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