• Getty Images Treasury Secretary Janet Yellen had warned that the US could fall into a recession if Congress failed to address the debt ceiling within a fortnight.
  • Disagreements over the ceiling - the limit on how much the government can borrow - are not new in US politics.
  • The announcement came after what Schumer's Republican counterpart Mitch McConnell said were negotiations "in good faith" that had continued through the night.
  • The House Majority leader, Steny Hoyer, said that vote in the House of Representatives will be held on Tuesday.
  • If the US defaulted on debts analysts say it would severely hurt the country's credit rating, plunge the global financial system into turmoil, and possibly lead to a self-inflicted recession.
  • Borrowing is done via the US Treasury, through the issuing of bonds.