McConnell offers support for short-term extension of debt ceiling, compromise with Senate Democrats

Senate Minority Leader Mitch McConnell on Wednesday offered a short-term suspension of the U.S. debt ceiling to avoid the U.S. defaulting on its debt in the coming day, resulting in a potential economic crisis.

The Kentucky Republican made the offer to leaders of the Democrat-controlled Senate until they can pass a more permanent measure before the year's end.

The U.S.was projected to hit its debt ceiling by Oct. 18.