Senate Majority Leader Chuck Schumer announced Thursday that he had reached a deal with Senate Minority Leader Mitch McConnell to extend the debt ceiling and avert the federal government defaulting on its obligations.
Two days after Treasury Secretary Janet Yellen warned that a failure to do so could throw the country into recession, a deal was struck between the New York Democrat and Kentucky Republican to fund the government up until Dec. 3, Axios reported. The federal government was set to run out of money on Oct. 18.
The agreement between Schumer and McConnell will raise the debt limit by $480 billion in the short term, according to the report. Schumer said on the Senate floor he hopes to get the deal done by the end