“Top Senate Democrats and Republicans said on Thursday that they had struck a deal to allow the debt ceiling to be raised through early December, temporarily staving off the threat of a first-ever default on the national debt after the GOP agreed to temporarily drop its blockade of an increase,” the New York Times reports.
“The agreement would boost the legal debt cap by $480 billion, according to a Senate aide familiar with the details, which the Treasury Department estimates would be enough to allow the government to continue borrowing through Dec. 3. The current limit is $28.4 trillion, since Aug. 1.”
Washington Post: “But it also tees up yet another vicious fight between Democrats and Republicans over the future of federal spending, a battle likely to be all the more fierce in the waning hours of the year — when Congress must confront other challenges including an urgent need to fund the government and prevent a shutdown. An existing agreement to fund federal operations also expires in early December.”
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