The US Senate is poised on Wednesday to hold a procedural vote on the measure that was passed on September 29 by the House of Representatives.
Passing the bill would ensure the federal government does not default on its debt before the October 18 deadline.
Senator Mitch McConnell proposed a deal, saying in a statement to HuffPost that Republicans “will also allow Democrats to use normal procedures to pass an emergency debt limit extension at a fixed dollar amount to cover current spending levels into December.”
Senator Bernie Sanders told CNN that McConnell’s proposed deal is “a step forward,” but it remains unclear when the vote will actually take place.
The debt ceiling has been raised or suspended nearly 80 times since 1960, according to CNBC.
