US Senate Democrats, Republicans reach deal on $480-bn debt limit increase

Senate leaders have reached agreement on a deal that staves off any default on federal payments into December

U.S. 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.

A Senate aide, who asked not to be identified, said the deal calls for a debt limit increase of $480 billion from the current $28.4 trillion. If approved by the Senate and House of Representatives,