Congressional Leaders Reach Deal to Hike Debt Limit

Congressional leaders reached an elaborate deal that will allow Democrats to lift the nation’s debt limit without any votes from Republicans, likely averting another last-minute rush to avoid a federal default.

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Senate Minority Leader Mitch McConnell, R-Ky., speaks during a news conference on Capitol Hill in Washington, Tuesday, Dec. 7, 2021.(AP Photo/Carolyn Kaster)
Image via AP Photo/Carolyn Kaster

This article was republished here with permission from The Associated Press, however it is no longer available to read on Snopes.com.

WASHINGTON (AP) — Congressional leaders reached an elaborate deal Tuesday that will allow Democrats to lift the nation’s debt limit without any votes from Republicans, likely averting another last-minute rush to avoid a federal default. Hours later, the House passed legislation overwhelmingly along party lines that kicked off a multi-step process. Congress approved a $480 billion increase in the nation’s debt limit in October. That’s enough for the Treasury to finance the government’s operations through…

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