Senate leaders announce agreement on debt ceiling extension

WASHINGTON, D.C. (NBC) – The country’s looming debt ceiling crisis eased slightly Thursday morning

Senate Majority Leader Chuck Schumer came to the Senate floor to announce an agreement has been reached and that a vote could come as early as Thursday.

Schumer said, “Madam President, we have reached agreement on a… we have reached an agreement to extend the debt ceiling through early December.  And it’s our hope that we can get this done as soon as today.”

Senator Schumer was followed a short time later by Senator Mitch McConnell who said Senate Republicans stepped forward to make this agreement possible.

“The majority didn’t have a plan to prevent default, so we stepped forward,” McConnell said. “The pathway our Democratic colleagues have accepted will spare the American people any near term crisis while definitively resolving the majority’s excuse that they lacked time to address the debt limit through the 304 reconciliation process. Now there will be no question, they will have plenty of time.”

Raising the debt ceiling is necessary to allow the country to pay back money it already borrowed and avoid defaulting on its loans.

No specific timing on a vote has been announced.

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