What is the US platinum coin?
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(CNN) -
The United States Senate approved Thursday night to extend the nation's debt limit until early December, after Democrats and Republicans reached an agreement to avoid an economic disaster after weeks of failure. to an agreement on the matter.
The vote only needed a simple majority to be successful.
Now that the Senate has approved the debt limit extension, the House will have to approve it before it can be sent to President Biden for signature.
ANALYSIS |
Debt ceiling: what you need to know as Congress nears the October 18 deadline
How we got here
Senate Majority Leader Chuck Schumer announced Thursday morning that an agreement had been reached, paving the way for a final vote.
An aide familiar with the negotiations told CNN that the deal is to raise the cap by $ 480 billion, which is what the Treasury Department told Congress it would need to get through Dec. 3.
The announcement came a day after Senate Minority Leader Mitch McConnell publicly presented a debt limit proposal, prompting negotiations between the two sides to reach an agreement.
Both sides have made it clear that the country must not default and that even approaching the limit would likely bring catastrophic economic consequences.
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Who could have their student debt forgiven?
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With information from Clare Foran, Ali Zaslav, Manu Raju, Lauren Fox and Ted Barrett