Senate votes to extend debt ceiling through early December

The Senate voted 50-48 Thursday evening to extend the nation's debt limit through early December after Democrats and Republicans reached a deal to avert economic disaster following weeks of partisan deadlock over the issue.

The House will next have to approve the extension before it can be sent to President Joe Biden for his signature. House Majority Leader Steny Hoyer said late Thursday that the House will convene on Tuesday to vote on the bill.

Senate Majority Leader Chuck Schumer announced Thursday morning that a deal had been reached, paving the way for the final vote later in the day. An aide familiar with negotiations told CNN that the deal is to increase the ceiling by $480 billion, which is how much the Treasury Department told Congress it would need to get to December 3.

The announcement came a day after Senate Minority Leader Mitch McConnell publicly floated a debt ceiling proposal, which sparked negotiations between the two parties to reach an agreement.