The US had hit its debt ceiling, which limits the total dues of the federal government that can be kept outstanding, back in January. But the treasury department has been using extraordinary measures to pay US government bills on time, as the nation's two parties couldn't come to an agreement on raising the debt ceiling.
But a Reuters report has suggested that US President Joe Biden and Republican lawmaker Kevin McCarthy are close to working out a debt ceiling deal.
This agreement won't have a hundred pages, but will be cut down to pointers about key numbers, to speed up the process.
A timely end to the deadlock between congressional leaders will save the US government from a situation where it may run out of money to pay bills.
