Senate Majority Leader Chuck Schumer announced on Thursday he has accepted Senate Minority Leader Mitch McConnell’s offer to move forward with a short-term debt ceiling increase after a weeks-long standoff between the parties, temporarily avoiding a debt crisis.
“We’ve reached an agreement,” Schumer (D-NY) said as he opened the Senate. “Our hope is to get this done as soon as today.”
McConnell (R-Ky.) proposed two options on Wednesday, a short-term solution with a set dollar limit or an expedited reconciliation process allowing Democrats to bypass the filibuster.
In an effort to come to a deal on raising the US debt ceiling ahead of Oct. 18, Schumer and McConnell held talks throughout Wednesday night to hammer out the details.