Senate leaders strike deal on short-term debt limit patch

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Senate leaders clinched a deal on Thursday to avoid an economic nightmare in less than two weeks, pushing their debt ceiling stalemate into December and creating a fiscal pileup around the holidays.

Senate Majority Leader Chuck Schumer announced the agreement on Thursday morning after the Senate adjourned just after midnight. The plan, which the upper chamber could pass later Thursday, would raise the nation’s credit limit by $480 billion through Dec. 3, when government funding is also set to expire.

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