'Default Avoidance' US Senate Reaches Temporary Debt Ceiling Extension Agreement... Vote Today

Chuck Schumer, Senate Majority Leader of the Democratic Party [Photo by EPA]

[Asia Economy New York=Correspondent Baek Jong-min] The U.S. Senate has agreed to temporarily extend the federal government debt ceiling. As a result, an unprecedented U.S. national default will be avoided until December.

According to Politico on the 7th (local time), Chuck Schumer, the Democratic Senate Majority Leader, announced that he reached an agreement with the Republicans to raise the U.S. debt ceiling by $480 billion until December 3.

The Democratic and Republican parties plan to process the agreement within the day. This agreement was reached after the Republicans proposed a temporary extension of the debt ceiling the day before, which the Democrats accepted.

Janet Yellen, U.S. Treasury Secretary, warned that if the debt ceiling increase or extension is not made by the 18th, the U.S. will face a default situation, repeatedly urging Congress to take action.

Politico stated that although the deadline for the debt ceiling extension is set for December 3, the U.S. Treasury is expected to take longer before experiencing a default situation.

This content was produced with the assistance of AI translation services.