Senate leaders announce short-term deal to raise debt ceiling $480 billion into December

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A successful vote in the Senate, followed soon by the House, would avert a financial crisis with only days to spare ahead of the original October 18 deadline. Absent action by that date, the U.S. government would have faced an unprecedented struggle to fulfill its own financial obligations — including paying Social Security to seniors, providing tax benefits to families with children, or offering benefits to troops and veterans.

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