- Senate Majority Leader Chuck Schumer announced that lawmakers have reached an agreement on a short-term debt limit increase.
- “We have reached an agreement to extend the loan limit until the beginning of December, and it is our hope that we can meet this as early as today,” Schumer said.
Senate Majority Leader Chuck Schumer announced Thursday morning that lawmakers have reached an agreement on a short-term debt limit increase after hours of discussions with GOP leader Mitch McConnell.
“I have some good news,” Schumer, D.N.Y., said from the Senate floor. “We have reached agreement to extend the loan limit until the beginning of December, and it is our hope that we can complete this as soon as today.”
The announcement by the Senate’s top Democrat came less than a day after minority leader McConnell, R-Ky., offered a stopgap solution to stem an impending government default and subsequent economic downturn. The Senate will likely vote on the Schumer-McConnell resolution on Thursday.
Republicans and Democrats have been at odds for weeks over how to extend or suspend the US borrowing limit until October 18, when the Treasury Department anticipates the country will end its emergency measures to pay the nation’s bills. will do it.
The US has never defaulted on its debt, and most economics predict that doing so will lead to an economic downturn and volatile swings in financial markets.
This is breaking news. Please check back for updates.