Senate set to vote to break filibuster, raise debt limit

Senate leaders announced on Thursday that Democrats and Republicans have reached a short-term deal through Dec. 3 to avert the U.S. defaulting on its debt.

After weeks of brinkmanship, Senate Majority Leader Chuck Schumer announced a vote Thursday night on a deal with Republicans to raise the debt limit by $480 billion until Dec. 3.

The procedural move to break the GOP filibuster, which will require 60 votes, is scheduled for approximately 7:30 p.m.

At least 10 Republicans will need to side with all Democrats to clear the hurdle to move forward to a final vote. After that, Democrats are expected to raise the debt limit with a simple majority -- with Vice President Kamala Harris, as president of the Senate, set to cast the necessary tie-breaking, 51st vote.

Schumer announced earlier in the day that Democrats and Republicans had reached an agreement to avert the U.S. defaulting on its debt for the first time.