It was announced Thursday morning by Senate Majority Leader Chuck Schumer ((D-NY), that Democrats and Republicans have reached a short-term deal to avoid the U.S. defaulting on its debt. Schumer said, “I have some good news. We have reached an agreement to extend the debt ceiling through early December, and it’s our hope that we can get this done as soon as today.”
The agreement allows the national debt limit to increase by $480 billion, according to people familiar with the deal, a sum that the Treasury Departments estimates will allow it to pay bills until December 3.
Schumer’s announcement came less than a day after minority Leader Mitch McConnel (R-KY), offered a stopgap solution to avert the looming government default and subsequent economic downturn. The Senate will likely vote on the Schumer-McConnel proposal later Thursday.
The weak and spineless Republican Minority Leader Mitch McConnell completely caved to Schumer and the Democrats. So far no comment from McConnell on caving and turning his back on the American people.
This is a developing story, so please check back for updates.