On Sunday, US Senate negotiations to end the fiscal crisis of the country showed signs of progress. However, no guarantees that the federal government's partial shutdown was about to end, said a Reuters report. If an agreement would not be reached before the October 17 deadline, the United States might incur a historic debt default.

IMF chief Christine Lagarde had warned regarding a massive disruption to the global economy if the US debt ceiling would not be lifted. This is when the US Treasury would run out of borrowing authority.

Lagarde said during an interview on NBC's program, "We would be at risk of tipping, yet again, into recession."

The optimism displayed last Friday that a deal might push through over the weekend had vanished last Saturday. The discussions moved from the House of Representatives to the Senate, said a Reuters report.

Republican leader Mitch McConnell issued a statement earlier on Sunday calling on Democrats to accept a bipartisan plan. According to a report from Reuters, the said plan would end the partial shutdown of the federal government and would raise the borrowing authority of the United States.