US Senate leaders reach deal on $480-bn debt limit hike

US Senate leaders have agreed to raise the Treasury Department's borrowing authority until early December, averting a potential debt default later this month, Senate Majority Leader Chuck Schumer announced on Thursday. “We have reached agreement to extend the debt ceiling through early December and it's our hope we can get this done as soon as today,” Schumer said referring to a vote on passage of the legislation. Democrats had been trying to pass legislation that would have raised the debt limit through the end of 2022 but Republicans blocked that effort.if the new deal passes, Congress would have several weeks to attempt to agree on either a longer-term debt limit increase or another stop-gap measure.