Schumer announces deal to extend debt ceiling through early December

(CNN) — Senate Majority Leader Chuck Schumer announced Thursday morning that a deal has been reached for an extension of the nation’s debt ceiling through early December, a major breakthrough to avert economic disaster that comes after weeks of partisan deadlock over how to resolve the issue.

“We have reached agreement to extend the debt ceiling through early December and it’s our hope that we can get this done as soon as today,” Schumer said in floor remarks.

The announcement comes a day after Senate Minority Leader Mitch McConnell publicly floated a proposal to avert a crisis, which sparked negotiations between the two parties to reach an agreement. Treasury Secretary Janet Yellen has warned lawmakers that the federal government will likely run out of cash by October 18 unless Congress raises the debt ceiling.