Senate Majority Leader Chuck Schumer (D-N.Y.) announced a deal on the Senate floor Thursday evening to vote on amendments to legislation to raise the debt limit through Jan. 1, 2025, and get it passed before markets open on Friday morning.  

Schumer announced the Senate would vote on 11 amendments to the bill — 10 sponsored by Republicans and one sponsored by Sen. Tim Kaine (D-Va.) — and that votes would be limited to 10 minutes to speed the process.  

The chamber would then vote on final passage.

The breakthrough came after a multi-hour standoff with defense hawks, including Sen. Lindsey Graham (R-S.C.), who demanded commitments from Schumer and Senate Republican Leader Mitch McConnell (Ky.) to protect defense spending from a 1 percent recission later in the year and to promise action on a defense supplemental spending bill.  

The Democratic leader entered a joint statement with McConnell into the congressional record before announcing the deal to move forward on amendments but didn’t explain what it said.  

“After we finish voting on the amendments, we are immediately considering final passage and by passing this bill we will avoid default,” Schumer announced. “American can breathe a sigh of relief.”