Democrats and Republicans in the US Senate have reached an agreement on the level of the US government debt ceiling. That ceiling is now being raised until December, as the Republicans had proposed.
Senate Democratic leader Chuck Schumer announced he would agree to Republican Mitch McConnell’s proposal.
The US government is approaching the limit on the total amount it can borrow. If the ceiling of 28.4 trillion dollars were not raised, the United States would probably not be able to meet all financial obligations before October 18.
The issue had been a hot topic of contention among US Congressmen for weeks. The nerves about a US government running out of money increased on the stock markets. Stock markets will rise sharply on Thursday on the relief of investors about the deal.