Default crisis dodged — for now — with Dem-GOP debt accord

By KEVIN FREKING, ALAN FRAM and ALEXANDRA JAFFE
Associated Press

WASHINGTON (AP) — Senate leaders have announced an agreement to extend the government’s borrowing authority into December, temporarily averting an unprecedented default that experts say would have decimated the economy. The first crucial vote is set for Thursday night. Senate Majority Leader Chuck Schumer made the announcement of an agreement earlier Thursday. He said he hoped the Senate could vote later in the day. Republican leader Mitch McConnell made the offer of a short term extension Wednesday. President Joe Biden and business leaders have ramped up their concerns over what an unprecedented federal default would mean for the nation’s economy.