Senate leaders announce agreement to extend government’s borrowing authority

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WASHINGTON (AP) – Senate leaders have announced an agreement to extend the government’s borrowing authority into December, temporarily averting an unprecedented default that experts say would have decimated the economy.

Senate Majority Leader Chuck Schumer made the announcement as he opened the Senate on Thursday. He said he hoped the Senate could vote later in the day.

Republican leader Mitch McConnell made the offer of a short term extension Wednesday. President Joe Biden and business leaders have ramped up their concerns over what an unprecedented federal default would mean for the nation’s economy.

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