US debt deal 'would be a ceasefire not a peace treaty'

As we enter the third week of this budget crisis, there are some pretty encouraging signs that a deal may be struck that would both reopen the government and raise the debt ceiling - but what a tortuous process this has been.

Congressional leaders were expected to meet the President just a couple of hours ago and that meeting has been postponed indefinitely.

The stars and stripes flag moving in the wind.
US President Barack Obama had been due to meet congressional leaders today. Credit: Krista Kennell/ABACAUSA.COM

Even if a deal is struck, we're only talking about a temporary deal here, about the government being open for another three month and for the debt ceiling to be raised for another four months while more longer-term negotiations go on.

We're talking a ceasefire here not a peace treaty.

Read our Q&A on the US debt ceiling here

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Senate agree US debt bill

The US Senate has passed a bill to raise the debt ceiling and avoid a potential default. It will now be sent to the House of Representatives for a final vote. President Obama has said he will sign the bill "immediately" after the House vote.