Senate passes short-term increase to the debt limit, House to vote on it next
The bill now moves to the House, where Speaker Nancy Pelosi, D-Calif., is expected to take up the legislation within the coming days.
Lawmakers have a deal on a short-term debt ceiling increase, Senate Majority Leader Schumer says
Senate Majority Leader Chuck Schumer announced Thursday morning that lawmakers have reached a deal on a short-term debt ceiling increase after hours of discussion with Minority Leader Mitch McConnell.
The agreement, according to people familiar with the deal, allows the debt limit to increase by $480 billion, a sum the Treasury Department estimates will allow it to pay bills until Dec. 3. The current national debt is about $28.4 trillion and would be permitted to rise to about $28.8 trillion under the deal.
Investors appeared relieved that the U.S. would stave off default. Stocks rose after the news. The Dow Jones Industrial Average finished Thursday’s session up more than 300 points , while the Nasdaq Composite added just over 1%.
The announcement from the Senate’s top Democrat came less than a day after McConnell, R-Ky., offered a stopgap solution to avert a looming government default and subsequent economic downturn.
Reference: CNBC
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