Democrats and Republicans in the US Senate appear to be getting closer to an agreement on the level of the US debt ceiling.
A proposal from Republican Senate faction Mitch McConnell was well received by Democrats on Wednesday, although it is still unclear whether they will approve. As a result, a vote was postponed Wednesday.
McConnell suggested raising the debt ceiling until December, but that only offers temporary relief. The US government is approaching the limit on the total amount it can borrow. If the $28.4 trillion ceilings are not raised soon, the United States may not be able to meet all its financial obligations before October 18.
The issue has been a hot topic among US Congressmen for weeks. The nerves about a US government running out of money increased on the stock markets. The compromise McConnell offered clearly brought relief to Wall Street. Democratic Senator Bernie Sanders, who repeatedly accused Republicans of “doing nothing to deal with this crisis,” said McConnell “, finally did the right thing.”
In a speech, US President Joe Biden also clearly laid the blame for the deadlock on Republicans. He pointed out that Democrats in the House of Representatives have already passed a proposal to raise the debt ceiling. “My Republican friends must stop playing Russian roulette with the economy of the United States.”