US Senate Agrees to Raise Debt Ceiling Until December

Democrats and Republicans have finally come to a short-term agreement to raise the debt ceiling until December, following what were weeks of theatrics and hysteria from the Senate.

As expected, both sides on Capitol Hill have come to an agreement to raise the US debt ceiling until December, thus averting a catastrophic government debt default, which could have come as early as October 18, according to Janet Yellen. “We have reached an agreement to extend the debt ceiling through early December, and it is our hope that we can get this done as soon as today,” said Senate Democrat Chuck Schumer on Thursday.

The draft of the proposed legislature, which was seen by the Financial Times, showed that America’s debt limit would be raised by $480 billion once approved by both Chambers of Congress. The latest agreement follows Republican Senate minority leader Mitch McConnell’s proposal to boost the country’s borrowing limit on a short-term basis, after Democrats urged Republicans to sign off on raising the debt ceiling while also including the Biden administration’s $3.5 trillion Build Back Better spending plan.

Despite reaching a consensus with Republicans for the time being, Democrats will only have a few months to devise a long-term solution on how to fund the government’s spending endeavours. In the event that Congress fails to come up with a new deal before the December deadline, lawmakers will once again face the possibility of a government shutdown, which would force hundreds of thousands of federal workers out of employment.


Information for this briefing was found via the Financial Times. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

The Default Boogeyman Is Back, But There’s Nothing To Be Afraid Of

Once again, the political theatrics surrounding America’s ballooning debt problem are back— and, as always,...

Monday, May 15, 2023, 04:26:00 PM

Ted Oakley: Debt Ceiling Will Be Raised No Matter What – The Daily Dive

Joining us on the Daily Dive for the first time is Ted Oakley, Managing Partner...

Wednesday, October 13, 2021, 01:30:00 PM

Debt Ceiling Doomsday Exasperated by Tax Revenue Shortfalls

The financial landscape in the US recently took an unexpected turn as predictions of the...

Saturday, May 20, 2023, 03:04:00 PM

In Rare Show of Unity, Senate Unanimously Approves ‘No Tax on Tips Act’

The Senate unanimously approved legislation Tuesday that would exempt tips from federal income tax, advancing...

Wednesday, May 21, 2025, 11:19:00 AM

Senate Passes Stimulus Package Bill, House Vote Friday

Late Wednesday the US Senate passed the $2 trillion fiscal package aimed at stimulating and...

Thursday, March 26, 2020, 09:34:05 AM