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Congress need to raise debt limit by late February: Lew

Treasury Secretary Jacob Lew has warned that the US could be on path of default if the Congress did not increase the nation's borrowing limit by late February.

US Senate leaders still in talks as debt limit imminent

With the United States just a day away from exhausting its ability to borrow money, U.S. Senate leaders were still discussing a deal late on Tuesday aimed at raising the debt limit and reopening federal agencies that have been closed for two weeks.

What default? Republicans downplay impact of US debt limit

To many Republicans, however, the prospect of the world's lone superpower juggling its bills doesn't seem so bad.

US shutdown stalemate enters eighth day

The stalemate over US federal shutdown continued for the eighth day with President Barack Obama asking Congress to reopen the government and raise the US debt limit and the Republicans insisting on negotiations first.

Dollar, global stocks fall as US spending deadline nears

Obama also said that failure to raise the government's debt limit would be far more dangerous than a shutdown, and would have economic impacts domestically and around the world.