Funding for federal government services in the US will expire on Thursday. The Treasury, on the other hand, will not be able to make new borrowings after 18 October if the limit is not increased and there will be a possibility of default.
DEMOCRATS' EFFORTS TO PREVENT FINANCIAL DISASTER MAY FAIL
Democrats are trying to prevent the impending financial disaster while trying to get Biden's ambitious spending package through Congress.
Senate Republican leader Mitch McConnell insisted that Democrats use a rare voting method in which they could raise the government's $28 trillion, 400 billion debt ceiling without Republican support.
However, Democrats point out that about $5 trillion of the nation's debt is the result of tax cuts and spending during Republican Donald Trump's presidency.
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