10 things you need to know today: October 8, 2021

Senate approves short-term deal to raise the debt limit, Biden urges companies to take the lead on vaccine mandates, and more

Chuck Schumer
(Image credit: Drew Angerer/Getty Images)

1. Senate passes short-term deal to prevent federal debt default

The Senate on Thursday passed a deal to extend the federal debt ceiling into December and avert a looming catastrophic and historic default. After prodding by GOP leaders, 11 Republicans joined every Democrat in voting to advance the bill, narrowly beating a GOP filibuster. The agreement raises the debt limit by $480 billion, enough to last until Dec. 3. Senate Majority Leader Chuck Schumer (D-N.Y.) hammered out the agreement with Senate Minority Leader Mitch McConnell (R-Ky.), who proposed the short-term fix on Wednesday. McConnell said the reprieve would give Democrats time to work out a long-term debt limit increase on their own using a process called budget reconciliation, which would let them bypass a GOP filibuster. The House is expected to take up the bill on Tuesday.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.