Senate Majority Leader Schumer Announces Agreement To Extend Debt Ceiling Until Early Dec.

Senate Majority Leader Chuck Schumer (D-N.Y.) announced an agreement on the debt ceiling. While speaking on the Senate floor Thursday, the New York lawmaker confirmed a deal has been reached to extend the limit through early December.

The Democrat senator said he hopes they can “get this done” as early as Thursday. The agreement would increase the debt limit by $480 billion, which is what the Treasury Department has said is the amount needed to fund existing debt.

Senate Minority Leader Mitch McConnell (R-Ky.) proposed the “fixed dollar amount” extension on Wednesday. The Kentucky lawmaker said Democrats would still need to use reconciliation for a long-term hike unless they abandon their “reckless” spending plans.