U.S. debt crisis: Agreement set on short-term debt limit fix
CTV
U.S. Senate Majority Leader Chuck Schumer said Thursday an agreement has been reached with Republicans to extend the government's borrowing authority into December, temporarily averting a debt crisis.
“Our hope is to get this done as soon as today,” Senate Majority Leader Chuck Schumer declared. Republican leader Mitch McConnell, whose party has been blocking the debt limit extension, said, “The Senate is moving forward.”
The first crucial vote on the measure was set for Thursday night.
Republican leaders were working to find the 10 votes they need from their party to advance the extension. John Thune of South Dakota, the second-ranking Senate Republican, said, “In the end we'll be there, but it will be a painful birthing process.”
In their agreement, the Republican and Democratic leaders edged back from a perilous standoff over lifting the nation's borrowing cap, with Democratic senators accepting an offer from McConnell.
