Senate reaches deal on short-term debt hike into December
By Jordain Carney - 10/07/21 10:34 AM EDT
Senate Majority Leader Charles Schumer (D-N.Y.) said on Thursday that he had reached an agreement with Republicans to extend the debt ceiling into December.
“We have reached an agreement to extend the debt ceiling through early December,” Schumer said.
Senators could vote on the deal as soon as Thursday.
The agreement, according to a Senate aide, would increase the debt ceiling by $480 billion, which based on Treasury Department estimates would extend the debt ceiling until Dec. 3.
Schumer didn’t provide specifics on the size of the debt hike, something he and Republicans were haggling over on Wednesday night.
Senate Minority Leader Mitch McConnell (R-Ky.) confirmed during a floor speech that they had reached a deal.
“The Senate is moving toward the plan I laid out last night to spare the American people from an unprecedented crisis,” he said.
“The pathway our Democratic colleagues have accepted will spare the American people any near-term crisis,” McConnell added.
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https://thehill.com/homenews/senate/575728-senate-reaches-deal-on-short-term-debt-hike-into-december