U.S. Senate rushes to advance $480 billion debt limit increase


The U.S. Senate on Thursday took a step toward passing a $480 billion increase in Treasury Department borrowing authority, a move that would avert a catastrophic debt default later this month but set up another partisan showdown in early December.

Democratic Senate Majority Leader Chuck Schumer is aiming to hold an important procedural vote on Saturday that could clear the way for passing the debt limit increase.