Less than two weeks before it was due to be reached, senators in the United States have voted to temporarily extend the country’s debt ceiling. 

Chuck Schumer, who leads the Democrats in the Senate, announced the breakthrough deal after negotiations in Congress during the early hours of the morning. “Republicans played a dangerous and risky partisan game, and I am glad that their brinksmanship did not work,” he said on the Senate floor.

Republican Senate minority leader Mitch McConnell offered the deal on Wednesday as his party was set to vote against House-passed democratic plans. The temporary measure raises the US debt ceiling to $480 billion. 

Schumer further said, “What is needed now is a long-term solution so we don’t go through this risky drama every few months, and we hope Republicans will join in enacting a long term solution to the debt limit in December.”

“We are ready to work with them.”

Also read | Republicans continue withholding support to US debt ceiling increase

The United States spends more money than it collects through taxation. Therefore, it borrows money through issuing government bonds. This is considered the world’s most reliable investment. 

In 1939, Congress established an aggregate limit or what you call as ‘ceiling’ on how much debt the government can accumulate.

However, it has been lifted dozens of times to allow the government to meet its spending commitments. 

This time, few Republicans voiced frustration around new spending proposals that Democrats were trying to push through. 

The Democrats highlighted that raising the debt ceiling is about paying off existing obligations rather than paying for new ones. Also, they mentioned that President Joe Biden’s policies have only contributed to 3 per cent of existing debts.

McConnell, since July, had been insisting that Democrats suspend the debt limit with no Republican help.