(Trends Wide) — The United States Senate approved Thursday night extending the nation’s debt limit until early December, after Democrats and Republicans reached an agreement to avoid an economic disaster after weeks of not reaching an agreement on the debt. affair.
Now, the House will have to approve the extension before it can be sent to President Biden for his signature.
Senate Majority Leader Chuck Schumer announced Thursday morning that a deal had been reached, paving the way for a final vote. An aide familiar with the negotiations told Trends Wide that the deal is to raise the cap by $ 480 billion, which is what the Treasury Department told Congress it would need to get through Dec. 3.
The announcement came a day after Senate Minority Leader Mitch McConnell publicly presented a debt limit proposal, prompting negotiations between the two sides to reach an agreement.
Both sides have made it clear that the country must not default and that even approaching the limit would likely bring catastrophic economic consequences.
However, while extending the debt limit may prevent immediate economic disaster, it does not resolve the underlying partisan deadlock on the issue. Just delay the fight until another day.
With information from Clare Foran, Ali Zaslav, Manu Raju, Lauren Fox and Ted Barrett
(Trends Wide) — The United States Senate approved Thursday night extending the nation’s debt limit until early December, after Democrats and Republicans reached an agreement to avoid an economic disaster after weeks of not reaching an agreement on the debt. affair.
Now, the House will have to approve the extension before it can be sent to President Biden for his signature.
Senate Majority Leader Chuck Schumer announced Thursday morning that a deal had been reached, paving the way for a final vote. An aide familiar with the negotiations told Trends Wide that the deal is to raise the cap by $ 480 billion, which is what the Treasury Department told Congress it would need to get through Dec. 3.
The announcement came a day after Senate Minority Leader Mitch McConnell publicly presented a debt limit proposal, prompting negotiations between the two sides to reach an agreement.
Both sides have made it clear that the country must not default and that even approaching the limit would likely bring catastrophic economic consequences.
However, while extending the debt limit may prevent immediate economic disaster, it does not resolve the underlying partisan deadlock on the issue. Just delay the fight until another day.
With information from Clare Foran, Ali Zaslav, Manu Raju, Lauren Fox and Ted Barrett