(Washington, DC) -- Senate leaders have reached an agreement on extending the debt limit until early December.  

Senate Majority Leader Chuck Schumer confirmed the deal in brief remarks on the Senate floor. The short-term extension was proposed by Minority Leader Mitch McConnell on Wednesday.  

Treasury Secretary Janet Yellen has warned of catastrophic consequences if the U.S. defaults on debt obligations on October 18th. McConnell cited "good faith negotiations" and then said the deal will "spare the American people a manufactured crisis."

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