Senate's Short-Term Deal Raises Debt Ceiling By $480 Billion, Extending Deadline To Dec. 3

October 7, 2021

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Update (1140ET): Fox News' senior Hill correspondent and seasoned political reporter Chad Pergram shared some new details about the debt-ceiling deal. The updated bill (which is technically an amendment) doesn't mention a date and solely authorizes the $480 billion needed for the Treasury to pay debts coming due between now and early December.

But Pergram's report also shared some new details suggesting that the margin between the "drop dead" date and actual default might be thinner than previously believed.

According to Pergram's sources, the Treasury started using cash from emergency accounts over the summer, and the deal doesn't include any additional funding to replenish these accounts...

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