The Senate Majority leader Chuck Schumer said Thursday morning after hours of negotiations with Mitch McConnell that they had reached a compromise on the short-term debt limit increase.

Schumer, D.N.Y. said, from the Senate’s floor: “I have some positive news.” “We reached an agreement to extend our debt ceiling up until early December. It’s our hope that this can be accomplished as quickly as possible.”

This announcement by the Senate’s top Democrat was made less than a week after McConnell (R-Ky.) offered a temporary solution to avert a looming default of government and an economic downturn.

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