Schumer announces agreement on short-term extension of debt ceiling

Democrats and Republicans in the Senate reached a deal to extend the debt ceiling through early December, avoiding what could have been an economic disaster in less than two weeks as the clock ticked down on the U.S. being able to pay its bills. 

Senator Chuck Schumer announced the deal on the floor of the Senate on Thursday morning after lawmakers had been in a standoff over raising the debt limit for weeks. 

"We have reached agreement to extend the debt ceiling through December.  And it's our hope that we can get this done as soon as today," Schumer said.