Congress Agrees to Short-Term Debt Ceiling Fix

What Happened:

• On Thursday, Senate Majority Leader Chuck Schumer (D) announced that an agreement had been reached with Republicans to extend the government's ability to borrow until December, thereby temporarily averting an imminent debt crisis.

• The agreement comes after several weeks of a standoff between Democratic and Republican leaders about raising the nation's debt ceiling.

• Senate GOP Leader Mitch McConnell made the offer of the short-term fix on Wednesday as many warned that a federal default would disrupt government payments to millions of people and likely throw the nation into recession.

• The agreement is only a temporary fix as the issue will have to be revisited by December.

Photo Source: congress.gov

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