October 19, 2021
General News

U.S. Senate greenlights stopgap deal to avert debt default

The U.S. Senate voted Thursday to stave off a credit default that would have sparked a recession and roiled world markets as Democrats and Republicans agreed to a stopgap fix to raise the nation’s debt limit.

The breakthrough — which defers the crisis until Dec. 3 by adding another $480 billion to the allowable debt total — came with an estimated 11 days to go until the country would no longer have been able to borrow money or pay off loans for the first time in its history.

Chuck Schumer, who leads the Democrats in the Senate, announced the breakthrough deal after fractious negotiations in Congress going into the early hours of the morning.

“Republicans played a dangerous and risky partisan game, and I am glad that their brinksmanship did not work,” he said on the Senate floor.

Republican Senate Minority leader Mitch McConnell offered the deal Wednesday as…

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