On Thursday, Senate Democrats moved forward with a stop-gap proposal that would raise the debt ceiling until at least December, deferring a brutal fight over the nation's finances, at least until the end of the year.

After Senate Minority Leader Mitch McConnell (R-KY) floated the proposal on Wednesday, Senate Democrats adjourned behind closed doors to hammer out the details of the deal, late into Wednesday evening and into Thursday morning.

"We've reached an agreement to extend the debt ceiling through early December," announced Senate Majority Leader Chuck Schumer (D-NY). "It is our hope to get this deal done as soon as today."

The deal allows the Treasury to raise $480 billion in funds, allowing the nation to pay its bills till December 3. It's worth noting that the temporary increase doesn't authorize new spending but allows the Treasury to issue new bonds to maintain existing spending levels, thus heading off the risk of default. However, the deal is still contingent on House approval.

Treasury Secretary Janet Yellen had warned that the department's cash conservation measures would falter by October 18, saying on Wednesday that the nation was "staring into a catastrophe."

The same day, The White House Council of Economic Advisors warned of two simultaneous disasters facing the nation in the event of default: an economy crippled by U.S. debt downgrades and rising interest rates and a federal government unable to raise funds to respond to it.

The deal only pushes back such a potential outcome by a few months.

Schumer's efforts to get the 10 Republican votes needed to move the debt-ceiling bill beyond the filibuster failed twice previously, with his third attempt only headed off only by McConnell's offer.

"We are willing to take this offer to stave off fiscal ruin, but we are all beside ourselves that the only thing Republicans are willing to do is prevent disaster for three months and put us right back in this position," said Sen. Chris Murphy (D-CT), of the deal.

Democrats have insisted that raising the debt limit is a bipartisan issue, as it maintains spending that both parties have authorized.

Republicans have insisted that Democrats raise the debt ceiling alone through reconciliation, a lengthy and arcane means to advance legislation through a simple majority. However, lifting the debt ceiling before October 18 would've required the fastest reconciliation bill in U.S. history, thus the timing of McConnell's offer.

Leaving discussions on Wednesday, Senate Budget Committee Chair Bernie Sanders (I-VT), said: "there's not going to be a reconciliation." Sanders's thoughts were echoed by Senator Tammy Duckworth (D-IL), who said that Democrats would "never" use reconciliation to raise the debt ceiling.

Looking ahead, Democrats plan to advance President Joe Biden's ambitious $3.5 trillion special spending bill using reconciliation, potentially leaving them with little time to advance the debt ceiling bill by the same means. Marathon amendment sessions, called vote-o-ramas, could stall the process as Democrats work through the tensions between their left and center.

Priorities may shift unless the filibuster rules do, which is an unlikely prospect since Democrats remain stubbornly short the votes of Senator Joe Manchin (D-WV) and Senator Kyrsten Sinema (D-AZ) needed to carve out an exemption.

Senator Roy Blunt (R-MO) warned that if Democrats change the filibuster rule, "they'll permanently change the Senate...and institute the idea that 50 of you plus a Vice President of your party you can always do whatever you want to do."

"I don't think that's healthy for the country," he added, echoing the sentiments of many Republicans. "It certainly wouldn't be healthy for the Senate."