JUST IN: After weeks of brinkmanship, the Senate voted to raise the debt limit by $480 billion until Dec. 3.
Cecilia Vega reports on the latest efforts to increase the U.S. debt limit ahead of the mid-October deadline., the Senate voted Thursday night to temporarily raise the debt limit by $480 billion until Dec. 3.
Senate Majority Leader Chuck Schumer announced earlier in the day that Democrats and Republicans had reached an agreement to avert the U.S. defaulting on its debt for the first time. Republican leaders initially struggled to find 10 GOP votes to break the filibuster following weeks of messaging to members that Democrats should go it alone.
The Senate deal comes a little more than a week before Oct. 18 -- the date Treasury Secretary Janet Yellen pegged as when the U.S. will no longer be able to cover its debts. Dec. 3 is the expiration date of the stopgap government funding bill needed to keep the government running.The deal also comes as Democrats are still working to pass Biden's sweeping domestic policy agenda, paving the way for a busy two months.
Real-world consequences of the U.S. defaulting could include delays to Social Security payments and checks to service members, a suspension of veterans' benefits and rising interest rates on credit cards, car loans and mortgages.After White House press secretary Jen Psaki's lukewarm reception to McConnell's offers on Wednesday, the White House appeared more receptive on Thursday, now that Democrats on the Hill signaled their agreement.
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