The Finance Minister of Mexico had urged the United States last Tuesday to reach an agreement on raising the US debt limits. The Finance Minister said that failure to do so could seriously cause damage to financial markets. It would also cause increased damage to the global economy.

Finance Minister Luis Videgaray told Mexican radio, "This has the potential to enormously affect financial markets and therefore not just the United States' economy but also the economies of the rest of the world. It's an event that could be so serious that I think we all trust that the lawmakers and the executive of the United States will find the means to reach an agreement."

So far, the US Congress had failed to strike a deal to increase the government's debt ceiling which was set to expire on October 17. Treasury officials had said that failure to reach an agreement could harm the international reputation of the United States, said a Reuters report.