Lawmakers could be close to a temporary compromise on raising the debt ceiling for six weeks, but even if the two parties do come to a short-term debt deal, this crisis is sure to rear its ugly ahead again - just in time for the holidays.
How does this impact the economy and your investments?
Consumer confidence could be at risk and with stocks up double digits this year and your retirement hanging in the balance, Congress has its work cut out.
“If they can do a deal and have a good deal and spend some time really talking about deficit reduction and getting budgetary restraint in, that would be good for your money. It would be good for job creation and good for your stock market,” CNN Business Correspondent Christine Romans explains.
“Washington really needs to step it up, worry about jobs, worry about debt and deficits and start to be real leaders.”