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Schumer Announces Deal to Extend Debt Ceiling into December

This will avert default

Senate Majority Leader Chuck Schumer on Thursday announced an agreement to extend the debt limit through early December, temporarily ending a partisan standoff just 11 days before the government's deadline to avert default.

"It is our hope we can get this done as soon as today," Schumer, D-N.Y., said on the Senate floor.

The deal would raise the limit by $480 billion, which is the figure U.S. Treasury Secretary Janet Yellen says is needed to get to Dec. 3, according to according to one Democratic and two Republican Senate aides familiar with the agreement.

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