The US Senate has voted to raise the debt ceiling, which is the maximum amount of debt the government can have at once. The debt ceiling has been raised by $480 billion, till early December, which will allow the government to temporarily avoid a default on $28tn. The Democratic Majority leader, Chuck Schumer, said he reached a deal with the Republican minority leader, Mitch McConnell. The House will now vote on the bill next, where it’s likely to pass, because the Democrats have control in it. The Democrats needed the agreement with McConnell because the debt ceiling increase would have needed at least 10 Republicans to pass.
Source: https://www.theguardian.com/
