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Senate Poised to Pull Nation Back From Default Brink — for Now
Posted
October 7, 2021
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2:35Now PlayingThe Senate is nearing a deal on a short-term increase in the debt ceiling that would pull the U.S. from the brink of a payment default but threatens to exacerbate year-end clashes over trillions in government spending.
After weeks of stalled talks, Democrats appeared to be on the verge of accepting a proposal from Senate Republican leader Mitch McConnell to raise the debt limit by a specific amount that would be sufficient to tide the Treasury over until December, when Congress would have to vote again to avoid a default.
“We’re making good progress,” Senate Majority Leader Chuck Schumer said on the Senate floor early Thursday, adding “we hope to have agreement tomorrow morning.”
McConnell said earlier that the two parties were “trading paper” on the specifics of the agreement. Schumer said the Senate would come back into session at 10 a.m. Thursday.
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