Senate Majority Leader Chuck Schumer encouraged senators to approve a measure by the end of the week to increase or suspend the federal government's $28.4 trillion debt ceiling, warning that failure would have disastrous economic implications.

In a letter to lawmakers, Schumer stated "We must get a bill to the President’s desk dealing with the debt limit by the end of the week. Period. We do not have the luxury of waiting until October 18."

Senate Republicans have delayed movement on raising the debt ceiling twice, claiming that they support action but refuse to assist, insisting that Democrats act alone using a parliamentary trick.

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Last week, US Treasury Secretary Janet Yellen warned lawmakers that the US was on the verge of exhausting its federal borrowing capacity, which is currently slated for Oct. 18.
The House of Representatives passed and submitted to the Senate a measure late last month to extend the suspension of the Treasury borrowing limit until the end of 2022.

Schumer said the Senate will have to stay in session through the weekend and possibly into a planned recess next week if no progress is made on raising the debt limit.