Senate Majority Leader Chuck Schumer, D-N.Y., announced Thursday that the Senate has reached a deal to temporarily suspend the debt ceiling until Dec 3.

“We have reached an agreement to extend the debt ceiling through early December and it’s our hope we can get this done as soon as today,” Schumer said on the Senate floor.

Senate Minority Leader Mitch McConnell, R-Ky., added that Republicans “will also allow Democrats to use normal procedures to pass an emergency debt limit extension at a fixed dollar amount to cover current spending levels into December."

The agreement is expected to increase the national debt limit by $480 billion.

“In terms of a temporary lifting of the debt ceiling through close to the end of this year, we view that as a victory, we view it as a temporary victory though with more work to do,” said Sen. Tammy Baldwin, D-Wis.

Republicans and Democrats have been sparring over the debt limit for weeks, debating how to raise or suspend the debt limit by Oct. 18 to avoid defaulting on the national debt for the first time in the nation’s history. Defaulting on the debt would cause a massive economic fallout that would trigger a recession and greatly disrupt financial markets, as well as raise interest rates on mortgagegs, credit cards and auto loans.

President Joe Biden criticized Republicans' threat to filibuster his party’s efforts to raise the debt ceiling as “hypocritical, dangerous, and disgraceful,” after Republicans had voted to raise or suspend the debt ceiling several times during the four years of the Trump administration.

RELATED STORIES