Schumer: Agreement reached on short-term debt ceiling fix
ABC News
Senate Majority Leader Chuck Schumer says an agreement has been reached with Republicans to extend the government’s borrowing authority into December
WASHINGTON -- Senate Majority Leader Chuck Schumer said Thursday an agreement has been reached with Republicans to extend the government’s borrowing authority into December, temporarily averting a debt crisis.
“We’ve reached agreement,” Schumer announced as he opened the Senate. “Our hope is to get this done as soon as today.”
Senate GOP leader Mitch McConnell had offered to accept a short-term extension on Wednesday, shortly before Republicans prepared to block legislation to suspend the debt limit until December of next year.
President Joe Biden and business leaders had ramped up their concerns that an unprecedented federal default would disrupt government payments to millions of people and throw the nation into recession.
