On Friday, finance officials from the biggest economies in the world had urged the US to avoid a potentially devastating debt default. This was according to a report from Reuters.

A statement was issued at the end of a marketing meeting of Group of 20 finance ministers and central bankers that said, "The US needs to take urgent action to address short-term fiscal uncertainties."

From October 1, the US government had been partially shut amid a budget standoff between congressional Republicans and the White House. Republican lawmakers had also refused to raise the debt ceiling of the nation. Officials from around the world had warned that failing to raise the debt cap and ending on a debt default would cause havoc on the global economy.

Last Thursday, Republicans had presented a plan to provide a short-term increase in the US debt limit, said a Reuters report. This spurred hopes that a deal could soon be reached. On Friday, lawmakers and the White House were in struggle to work out the details of the agreement.