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Sen. Chuck Schumer, Oct. 6. Photo: Anna Moneymaker/Getty Images

Senate Majority Leader Chuck Schumer (D-N.Y.) announced Thursday that Senate Democrats and Republicans have reached an agreement to extend the debt ceiling through early December.

Driving the news: The agreement is to raise the limit by $480 billion, which is what Treasury Secretary Janet Yellen says is needed to get to Dec. 3, a Senate leadership aide told Axios.

Why it matters: The agreement comes less than two weeks before Oct. 18, the date Yellen warned that the U.S. would default on its debt.

What they're saying: "We have reached agreement to extend the debt ceiling through early December, and it’s our hope we can get this done as soon as today," Schumer said on the Senate floor.

  • "This is a positive step forward ... and it gives us some breathing room from the catastrophic default we were approaching because of Senator McConnell's decision to play politics with our economy," White House Deputy Press Secretary Karine Jean-Pierre said during a briefing on Thursday.
  • "We've been in close contact with leader Schumer's team, and we will remain so as the bill moves forward and gets to the President's desk."

The big picture: Schumer's announcement comes less than one day after Senate Minority Leader Mitch McConnell (R-Ky.) offered Democrats a deal to avoid a government default.

  • McConnell's proposal detailed two options, including the short-term debt limit increase through December, Axios' Alayna Treene reports.
  • The other proposal was to fast-track the suspension of the debt limit using the budget reconciliation process, which Democrats have generally opposed.
  • McConnell said in a statement Wednesday: "We have already made it clear we would assist in expediting the [budget] reconciliation process for stand-alone debt-limit legislation."

Go deeper: McConnell proposes debt limit deal

Editor's note: This story has been updated with new details throughout.

Go deeper

Congress passes stopgap funding bill to avert shutdown

Senate Majority Leader Chuck Schumer. Photo: Chip Somodevilla/Getty Images

The Senate voted 69-28 to pass legislation Thursday night to fund the government until February 18.

Why it matters: The move staves off a government shutdown but lawmakers still have a busy month ahead: Congress needs to work out a deal to raise the debt ceiling in a few weeks and Democrats are trying to pass their behemoth social spending bill.

House passes stopgap funding bill that could avert shutdown

Speaker Nancy Pelosi. Photo: Chip Somodevilla/Getty Images

The House of Representatives on Thursday voted 221-212 to pass a bill funding the government through Feb. 18.

Why it matters: The measure now heads to the Senate, where it will need to be approved before midnight on Friday to avert a shutdown, but some Republicans have indicated that they may delay passage if they don't get a vote on an amendment to defund President Biden’s vaccine mandates.

Former D.C. Guard alleges Army Generals lied about Jan. 6 response

Members of the National Guard and Capitol police keep a small group of pro-Trump demonstrators away from the Capitol following the insurrection on Jan. 6. Photo: Spencer Platt/Getty Images

A former D.C. National Guard official has alleged that top Army generals "lied" to Congress in their testimony on the U.S. Capitol riot, Politico first reported Monday.

The big picture: Col. Earl Matthews, who was serving on Jan. 6, alleges in a memo that the official version on the military response is "worthy of the best Stalinist or North Korea propagandist" and that the Pentagon inspector general's November report on it features "myriad inaccuracies, false or misleading statements, or examples of faulty analysis."