Senate Majority Leader Chuck Schumer said democrats and republicans have reached an agreement to extend the debt ceiling through early December, and that a measure could pass as soon as Thursday.
“It’s our hope that we can get this done as soon as today,” he said in a brief statement on the Senate floor, per the Wall Street Journal.
The agreement is to raise the borrowing limit by $480 billion, the amount that the Treasury Department says is needed to meet the needs until December 3, according to a Senate aide.
Schumer and Senate Minority Leader Mitch McConnell briefed lawmakers of their respective parties Thursday afternoon. Republicans said they would insist on a vote to clear a 60-vote procedural hurdle before moving to a final vote. Additionally, there were concerns over which republicans would give the votes, which has been an issue in the 50-50 Senate.
“We don’t have any clear signal yet from the other side,” democrat Sen. Dick Durbin said. “Hoping to get it soon.”
Indeed, December 3 is the deadline for avoiding a partial government shutdown since the government is currently funded through then under a measure enacted into law last month. Thus, Congress faces a series of hurdles to overcome in a matter of weeks. The debt ceiling will allow the Treasury to raise money to pay for expenses previously authorized by the government.
