Agreement On Short-Term Debt Ceiling Fix, Averting Crisis

Senate Majority Leader Sen. Chuck Schumer of N.Y., walks out of a Senate Democratic meeting pumping his fist at the Capitol in Washington, Wednesday, Oct. 6, 2021, as a showdown looms with Republicans over raising the debt limit. (AP Photo/Andrew Harnik)

(AP) — Senate Majority Leader Chuck Schumer says an agreement has been reached with Republicans to extend the government’s borrowing authority into December. That temporarily averts a debt crisis. Schumer made the announcement as he opened the Senate on Thursday. He said he hoped the Senate could vote later in the day. Republican leader Mitch McConnell made the offer of a short term extension Wednesday. President Joe Biden and business leaders have ramped up their concerns over what an unprecedented federal default would mean for the nation’s economy.

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