Agreement on fixing the ceiling of short-term debt, avoiding the crisis

WASHINGTON – Senate Majority Leader Chuck Schumer said a deal was reached with Republicans to extend the government’s borrowing authority through December. That temporarily prevents a debt crisis.

Schumer made the announcement at the inauguration of the Senate on Thursday. He said he hoped the Senate would be able to vote later that day.

Republican leader Mitch McConnell made the offer of a short-term extension Wednesday.

President Joe Biden and business leaders have raised concerns about what an unprecedented federal default would mean for the nation’s economy.