McConnell Makes Deal With Schumer, Caves on Temporary Debt Ceiling Increase

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Senate leaders agreed to lift the debt ceiling by $480 billion, deferring a potential debt-ceiling crisis until later this year. Majority Leader Chuck Schumer expressed his “hope that we can get this done as soon as today” on the Senate floor. Caitlin Emma and Marianne LeVine had more to say.

The Treasury Department anticipates that it will need $480 billion to cover the government’s obligations through December 3, which happens to be the same day that government funding runs out, thanks to Congress’ recent short-term extension. That means that between Thanksgiving and Christmas, everyone will get to see the government shutdown and debt ceiling default drama all over again.

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