US debt crisis looms with solution elusive in deeply divided Washington

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AFP

Washington (AFP) – Lawmakers scrambled Tuesday to break a deadlock on Capitol Hill over the prospect of a first-ever US debt default that would plunge the economy into a death spiral, alarming investors as the cliff edge draws closer. The government is likely to run out of cash on October 18, Treasury Secretary Janet Yellen warned, unless Congress raises the federal borrowing cap. After that date, Treasury’s funds “would be depleted quickly” and “it is uncertain whether we could continue to meet all the nation’s commitments after that date,” she said in a letter to congressional leaders. The i…

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