McConnell: No Chance of US Default on Debt

Senate Majority Leader Mitch McConnell declined on Tuesday to predict when the U.S. Congress would act to approve a new U.S. debt ceiling, but said he saw no chance of default on debt payments.

"There will not be any question that we will raise the debt ceiling," McConnell told reporters. "I don't think there's any chance that we'll allow the country to default."

Senate Appropriations Chairman Richard Shelby said Treasury Secretary Steven Mnuchin intended to ask U.S. House Speaker Nancy Pelosi to resume negotiations on the debt limit coupled with a spending cap deal for the 2020 fiscal year.