After months of promises by Senate Republicans not to vote for an increase in the debt ceiling, Senate Majority Leader Chuck Schumer (D-N.Y.) and Minority Leader Mitch McConnell (R-Ky.) reached a deal in the early hours of Thursday morning to suspend the debt limit until December. Despite McConnell’s support for the deal, Republicans are divided on the eleventh-hour agreement. Still, Senate leadership was optimistic about the deal. Schumer said on the Senate floor Thursday, “I have some good news. We’ve reached an agreement on an extension of the debt ceiling through early December. It’s our hope we can get this done as soon as today.” McConnell added later that the agreement will “spare the American people a manufactured crisis.” The deal comes just days before the mid-October deadline given by Treasury Secretary Janet Yellen, who warned that the United States would default for the first time in its history if …
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