Democrats and Republicans agree to suspend the limits until early December
The US Capitol in Washington, DC, the US, October 7 2021. Picture: STFANI REYNOLDS/BLOOMBERG
A Senate aide, who asked not to be identified, said the deal calls for a debt-limit increase of $480bn from the current $28.4-trillion. If approved by the Senate and House of Representatives, the US debt limit would then be set at $28.9-trillion. Congress also faces a deadline for funding the government in December. Democrats also want to pass two huge spending bills that make up much of President Joe Biden's domestic agenda in the coming weeks, including a multitrillion-dollar social policy package and a $1-trillion bipartisan infrastructure bill.
That offer triggered hours of behind-the-scenes negotiations between the two sides than ran late into Wednesday night.
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