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Senate leaders have reached agreement on a deal that staves off any default on federal payments into December.

“We’ve reached agreement to extend the debt ceiling through early December and it is our hope to get this done as soon as today," Senate Majority Leader Chuck Schumer said Thursday morning. 

The announced deal comes after weeks of partisan brinkmanship over how to raise the debt ceiling, which Treasury Secretary Janet Yellen has warned would be breached around Oct. 18 without legislative action.

Minority Leader Mitch McConnell first offered the deal on Wednesday and leaders negotiated the details into Thursday. 

US stocks extended gains on the news, with the S&P 500 Index rising to a session high.

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