WASHINGTON – The Senate Thursday night ended a partisan stalemate over the nation’s debt ceiling that had threatened to roil global financial markets, agreeing to a temporary extension that portends another showdown in early December.

By a 50-48 vote, the Democratic-led Senate approved the two-month extension. Some Senate Republicans joined Democrats in ending a filibuster, allowing the bill to reach the floor and pass with a simple majority.

The Senate stand-off was the biggest hurdle to prevent a default that economists warn would cause havoc to the global economy. The House, which is out of session next week, still needs to pass the measure before the U.S. Treasury defaults on Oct. 18.

The vote ended days of drama where Republican Senate Leader Mitch McConnell had vowed not to help Democrats solve the crisis because they controlled all levers of government and had not included GOP lawmakers enough in discussions over spending bills.

"We pulled our country back from the cliff’s edge that Republicans tried to push us over,” said Senate Majority Leader Chuck Schumer, D-NY.

House Speaker Nancy Pelosi said members could be called back early for a vote. President Joe Biden has indicated he would sign an extension if one reaches his desk.

“The president looks forward to signing legislation to raise the debt limit when it is passed by Congress," White House spokeswoman Karine Jean-Pierre said Thursday.