Yellen warns congress that the U.S. will hit debt limit next week

If the debt ceiling is not raised the government will go into default

What is the debt ceiling?

In the United States, the debt ceiling or debt limit is a legislative limit on the amount of national debt that can be incurred by the U.S. Treasury, thus limiting how much money the federal government may pay on the debt they already borrowed.

"Failure to meet the government's obligations would cause irreparable harm to the U.S.…