Senate Majority Leader Chuck Schumer said Thursday and lawmakers had reached a deal to extend the federal debt ceiling through December and that a vote on the measure could take place within hours.

Debt ceiling negotiators 'making progress,' Biden says even as deal remains elusive There are just seven days left before potential default By Rachel Scott, Gabe Ferris, and Lauren Peller, ABCNews ...

The debt ceiling, which is the maximum amount the federal government is able to borrow to finance obligations that lawmakers and presidents have already approved, was last raised in December 2021 ...

Under last summer's deal, Congress agreed to raise what was then a $14.3 trillion debt limit by more than $2 trillion, in exchange for commensurate spending cuts in the federal budget.

The U.S. is once again approaching its debt ceiling, and failure to raise it could trigger a chain reaction across global markets. This video breaks down what’s at stake—from interest rates ...