The deal comes less than two weeks before the limit on US government debt was due to be reached.
Republican Senate Minority leader Mitch McConnell said Republicans and Democrats negotiated through the night "in good faith"
However Senate Majority leader Chuck Schumer, a Democrat, said on Thursday that lawmakers had reached a deal to extend the debt ceiling until early December. If the US defaulted on debts analysts say it would severely hurt the country's credit rating, plunge the global financial system into turmoil, and possibly lead to a self-inflicted recession.The US government spends more money than it collects in taxes, so it borrows to make up for the shortfall.
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