Debt Ceiling Limit Deal Reached
This morning, Senate Majority Leader, Chuck Schumer announced a deal has been made! The deal surrounds and extension of the nation’s debt ceiling through early December. This is a major breakthrough to avert economic disaster after weeks of partisan deadlock over the issue. Schumer said he hoped that the deal would be reached by today. The deal comes the day after Mitch McConnell said Republicans have ‘already made it clear’ that they would ‘assist in expediting’ a process known as reconciliation which would allow Democrats to raise the debt limit without GOP votes.
An aid familiar with the negotiations said the increase in the debt ceiling would be by $480 billion, which is how much the Treasury Department told Congress it would need to get to December 3rd. Treasury Secretary Janet Yellen had warned lawmakers that the federal government will likely run out of cash by October 18th unless Congress raised the debt ceiling.