Senate passes short-term debt ceiling extension

Under the agreement, the debt limit will now be raised by $480 million.

The U.S. Senate passed an extension Thursday to the nation's debt ceiling. 

According to the Associated Press, Senate Democrats voted 50-48 to raise the the debt ceiling, temporarily extending the nation's borrowing authority into December. 

The temporary relief will grant lawmakers more time to negotiate the issue, following last week's announcement by Treasury Secretary Janet Yellen that the nation was on course to default on its financial commitments if the government didn't raise the limit. 

Although no Republicans voted to increase the debt limit, 11 GOP senators voted with Democrats to overcome the procedural hurdle of a filibuster. 

After previously opposing providing Democrats with any Republican votes to raise the debt limit, Senate Minority Leader Mitch McConnell acquiesced Thursday after Senate Democrats assured him it would only be a short-term extension.

Under the agreement, the debt limit will be raised by $480 million.

According to The Hill, this means the next debt limit deadline will coincide with government funding running out on Dec. 3.