During today’s session, Thursday, the last sessions of September and before the opening of the American markets, the temporary financing bill that prevents the closure of the US federal government hours before the start of the new fiscal year tomorrow, October 1, according to the statements of the Democratic majority leader in the Senate, Senator Chuck Schumer, who indicated that the Senate The Senate will vote on a temporary bill that will prevent the interruption of funding for the government. He shouted today, Thursday, and as soon as it is approved, it will be referred to the House of Representatives and then to the President for approval and promulgation of the law before midnight and the fiscal year on Friday morning.

Until this moment, we are less than an hour away from the opening of the American markets and less than three hours to vote, and it is not clear whether the Republicans will pass the law or it will be obstructed, as happened last Monday, and thus fears rise from the failure of Congress to reach a deal in time. In a quick reading of the debt ceiling law, the US government imposes legal limits on itself on the amount of money that can be borrowed to finance itself, and if the government reaches the limit, it requires congressional approval to approve it, as the ceiling currently stands at $28.4 trillion.

The government is struggling during the remainder of the day to ensure the continuation of the government’s work after the end of the fiscal year by the end of today’s session, Thursday, through the temporary law to save time.

This problem has become a political issue of the first degree in the recent period, as opponents seek to use the debt ceiling and threaten to close the government to achieve their own goals and raise problems, especially since the bill needs 60 votes to be passed in the Senate, which consists of 100 votes, of which the Democratic Party has 50 votes.

If the two parties fail to reach an agreement and pass the temporary bill, funding for the federal government will be cut off and the majority of its institutions will be in a state of complete closure and paralysis. The US Treasury and Janet Yellen estimated that the United States will reach its debt ceiling by October 18, and the government must raise or suspend the ceiling, or else the economic consequences will be catastrophic, as described by Janet Yellen.

Some analysts described that the impact of the US government’s default on its debts may be worse than the collapse of Lehman Brothers in 2008, as the markets and the economy will be destroyed and the US bond markets, which are considered one of the most important safe havens so far, will collapse. According to Moody’s, the default could lose the US economy about 6 million Jobs and unemployment rates rise to 9% and the stock market loses a third of its value.

The US markets are trading in stability and mixed before the opening, as the Dow Jones index is down by about 90 points in the futures, and the S&P 500 is rising by about 0.15%, while the Nasdaq is losing about 0.25%.

The US dollar is trading at the opening levels at 94.33 after testing 94.47 levels at the beginning of the European session.