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Tieng Anh Vui
The debt ceiling explained in 90 seconds
The two chambers of the US Congress are pursuing parallel budget plans to extend the debt limit and reopen the federal government.
Both plans would alter provisions of President Barack Obama's health law.
The US must raise its $16.7tn (£10.5tn) debt limit by Thursday. The government has been shut since 1 October.
It remains unclear whether Congress can agree a deal in time to avert economic calamity in the US and across the world.
Both the Senate plan, outlined on Monday evening, and the House Republicans' plan, revealed on Tuesday, would fund the government through mid-January and raise the debt ceiling until February, creating room for negotiators to agree a longer-term budget.
President Obama also said there had been "progress" in negotiations
The Senate proposal would delay for two years a per-employee tax paid by companies and labour unions on workers' healthcare plans.
The House plan, meanwhile, would delay a medical device tax used to pay for healthcare subsidies under the law.
Both proposals would include income verification requirements for Americans seeking public subsidies to purchase health insurance.
Mr Obama and congressional Democrats have repeatedly said they are unwilling to negotiate changes to the Patient Protection and Affordable Care Act - known as Obamacare - while the government remains shut and the threat of a debt default looms.
It remains unclear whether they would consider the House's proposed repeal of the medical device tax.
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As of Tuesday morning, Republican and Democratic senators had hailed progress in the fiscal talks, which have run in fits and starts since 1 October.
"Perhaps tomorrow will be a bright day," Senate Democratic leader Harry Reid said on Monday evening. "We're not there yet."
Republican Senate Minority Leader Mitch McConnell also sounded upbeat, hailing "substantial progress".
Ahead of Thursday's looming debt ceiling deadline, Mr Obama warned that "defaulting would have a potentially devastating effect on our economy".
'Fierce resistance'
Even if a deal is reached in the Senate, it is unclear whether Congress could act in time to pass legislation that would avert the 17 October default deadline.
Hardline conservatives such as Texas Republican Ted Cruz could use Senate rules to stonewall a vote.
In the House of Representatives, the Senate deal could meet fierce resistance from the Tea Party-aligned Republicans.
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AAA-rating
The best credit rating that can be given to a borrower's debts, indicating that the risk of borrowing defaulting is minuscule.
One of those conservative hardliners, Kansas Representative Tim Huelskamp, was quoted by the New York Times as labelling his upper chamber colleagues "the Senate surrender caucus".
"Anybody who would vote for that [Senate deal] in the House as Republican would virtually guarantee a primary challenger," he said.
Republicans have taken the brunt of blame for the latest fiscal cliffhanger to cripple Capitol Hill, according to opinion polls.
A Washington Post/ABC News survey on Monday found 74% of voters were unhappy with congressional Republicans' handling of the standoff, compared with a 53% disapproval rating for President Obama.
Some in the party have voiced concern that the affair could damage its prospects in next year's midterm elections.
Economists and bankers have warned for weeks of dire consequences should Congress fail to reach an agreement on raising the nation's debt ceiling.
The US Treasury has been using what are known as "extraordinary measures" to pay its bills since the nation reached its current debt limit in May.
Those methods will be exhausted by 17 October, US Treasury Secretary Jack Lew has said.
Meanwhile, the government remains partially shut down because Congress failed to agree on funding by a 1 October deadline.
The impasse has closed a swathe of federal services and left hundreds of thousands of employees out of work.
Đăng ký: Tieng Anh Vui
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