Janet Yellen: US treasury secretary warns of debt ceiling 'catastrophe'

The US treasury secretary warns Congress it must act to raise the country's borrowing limit.

US Treasury secretary Janet Yellen has warned a failure to raise the US's debt ceiling could have dire consequences.

Congress typically ties approval of a higher debt ceiling to stipulations on budget and spending measures. Failure to find cross-party agreement on the issue could result in a "constitutional crisis" Ms Yellen said. The debt ceiling has been raised, extended or revised 78 times since 1960, often with negotiations going down to the wire.

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