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 on the measure was cleared Thursday night. Senate Majority Leader Chuck Schumer made the announcement of an agreement earlier in the day. President Joe Biden and business leaders have ramped up their concerns over what an unprecedented federal default would mean for the nation’s economy. The White House signaled Biden’s support for the short-term fix, saying the president would sign it once it passed Congress.