WASHINGTON, Dec 8 — US senators struck a deal Tuesday to create a one-time law allowing Democrats to lift the nation’s borrowing authority and avert a catastrophic credit default without requiring votes from the opposition Republicans.
“Nobody wants to see the US default on its debts. As Secretary Yellen has warned, a default could eviscerate everything we’ve done to recover from the Covid crisis,” Democratic Senate Majority Leader Chuck Schumer said on the floor of the chamber. Democratic leaders have spent weeks underlining the havoc that a default would have wrought, including the loss of an estimated six million jobs and US$15 trillion in household wealth, as well as increased costs for mortgages and other borrowing.
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