Senate Majority Leader Chuck Schumer announced Thursday that a deal was reached to raise the debt ceiling and avoid a nationwide default.
The deal extends the debt ceiling through early December, giving lawmakers more time to raise the ceiling after extreme partisan gridlock killed any agreement on the pivotal issue.
“We have reached agreement to extend the debt ceiling through early December, and it’s our hope that we can get this done as soon as today,” Schumer said on the Senate floor.
The agreement was reached less than a day after Minority Leader Mitch McConnell offered a compromise that allowed Democrats to raise the ceiling until December under regular order. McConnel previously insisted that Democrats use the reconciliation process to lift the ceiling, which Democrats still refuse to do.
This is a breaking story and will be updated.
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