As the deadline for the US debt ceiling rapidly approaches, Republicans are refusing to budge in their demand for a deal with the Biden administration. US Treasury Secretary Janet Yellen is confident that Congress will be able to pass a bill that raises the debt limit, however, the outcome is still uncertain.

Experts are warning of the economic consequences of a potential debt crisis. According to CNN, a failure to raise the debt ceiling could lead to a sharp increase in interest rates, a decrease in consumer spending, and a weakened US dollar.

Senator Joe Manchin has proposed a plan that could help avert the looming debt crisis. According to a report from Bloomberg, Manchin’s plan would involve a combination of spending cuts and tax increases.

It remains to be seen whether the Republican-led Congress will accept Manchin’s proposal, or if they will continue to hold firm in their demand for a deal with the Biden administration. Always Full Coverage on USNN for the latest updates on the US debt ceiling drama.