The US Senate is expected to move forward with a bipartisan bill that would raise the debt limit and reopen the US government, just hours before the deadline.
Unless a deal can be reached by tomorrow (October 17th), the US will begin to default on its payments, which the International Monetary Fund warned could have repercussions globally.
Senate leaders have been working through the night in order to draft a bill that could get passed by the Republicans. US president Barack Obama previously took to Twitter to share his frustration of trying to do a deal with the House of Representatives.
According to a report by the New York Times, Senator John McCain said: "Republicans have to understand we have lost this battle, as I predicted weeks ago, that we would not be able to win because we were demanding something that was not achievable."
The US government shutdown has been ongoing since the start of the month, as Congress was unable to agree on a new budget deal that would see the debt ceiling extended.
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