Debt Ceiling Talks: Yellen Warns of Catastrophe, Biden Urged to Compromise with McCarthy.
Failure to raise the US debt ceiling would cause an "economic catastrophe," warns Treasury Secretary Janet Yellen. The political stalemate over raising the debt limit is forcing the Treasury Department dangerously close to a potential US debt default. Congress must vote to either raise or suspend the debt limit before Treasury runs out of emergency funding. However, with only eight days left this month during which both the House and the Senate are scheduled to be in session at the same time, time is running out to reach a deal.