Default Crisis Dodged — For Now — With Dem-GOP Debt Accord

Sen. Mitch McConnell's offer allows an emergency extension of the debt ceiling into December.

Senate leaders announced an agreement Thursday to extend the government's borrowing authority into December, temporarily averting an unprecedented federal default that experts say would have devastated the economy.

"Our hope is to get this done as soon as today," Senate Majority Leader Chuck Schumer declared as he opened the Senate.

In their agreement, Republican and Democratic leaders edged back from a perilous standoff over lifting the nation's borrowing cap, with Democratic senators accepting an offer from Senate GOP leader Mitch McConnell.