Senate leaders reached an agreement to extend the debt ceiling into December, Senate Majority Leader Chuck Schumer (D-NY) announced Thursday.

“We have reached an agreement to extend the debt ceiling through early December,” Schumer said.

The agreement would increase the debt ceiling by $480 billion, which Treasury Department estimates indicate would extend the limit until Dec. 3. Senate Minority Leader Mitch McConnell (R-KY) also confirmed the deal.

“The Senate is moving toward the plan I laid out last night to spare the American people from an unprecedented crisis,” McConnell said. “The pathway our Democratic colleagues have accepted will spare the American people any near-term crisis.”

The agreement would need to pass through the House before being sent to President Biden.

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Default crisis dodged — for now — with Dem-GOP debt accord