Senate Majority Leader Chuck Schumer announced they’ve reached an agreement on an extension of the debt ceiling through early December. He said he hopes they can “get this done” as soon as today.
“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,” he said in floor remarks Thursday.
Some background: Senate Minority Leader Mitch McConnell floated two potential options to avert a default yesterday, including this short-term increase.
In a statement on Wednesday, McConnell said that Republicans have "already made it clear" that they would "assist in expediting" a process known as reconciliation, which would allow Democrats to raise the debt limit without GOP votes. Democrats have been generally opposed to that idea, calling it too unwieldy, time-consuming and risky.
In addition to that, McConnell said that Republicans "will also allow Democrats to use normal procedures to pass an emergency debt limit extension at a fixed dollar amount to cover current spending levels into December."
CNN's Clare Foran contributed reporting to this post.