On October 7, local time, Chuck Schumer, the majority leader of the U.S. Senate, announced that the Senate had reached an agreement to extend the emergency debt ceiling until early December. The agreement would prevent the U.S. government from in mid-October. There was a default on the national debt.
Schumer expressed his hope that the relevant work could be completed on the same day.
He said: "We have reached an agreement to extend the debt ceiling to the beginning of December, and we hope to complete this work as soon as possible today."
The United States reached the federal borrowing limit in July, and U.S. Treasury Secretary Yellen warned Congress that the ceiling needs to be raised before October 18, or the United States will face a historic risk of default.
But measures to raise or suspend the debt ceiling have met with opposition from Republicans.
In recent years, the issue of the debt ceiling has increasingly become an important bargaining chip in the game between the two parties in the United States.
Some political analysts pointed out that under the current US political system, the debt ceiling has been reduced from an economic issue to a political tool for the struggle between the two parties. This is the reason why the debt problem has repeatedly developed into a crisis.
(CCTV reporter Xu Tao)