US Sen. Republican Leader McConnell reportedly plans to propose short-term solution to debt crisis

According to several news outlets, US Senate Republican Leader Mitch McConnell is planning to propose a short-term extension, until December, to the debt limit.

Earlier in the day, "our colleagues have plenty of time to get it done before the earliest projected deadline," McConnell said while delivering a speech on the Senate floor, per Reuters. "There would be the potential for time agreements to wrap it up well before any danger."

Market reaction

This headline seems to be helping the market mood improve. As of writing, the S&P 500 Index, which lost as much as 1% earlier in the day, was down 0.2% at 4,335.