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US debt crisis

US treasury secretary has urged Congress to raise the nation's debt ceiling to ward off an economic crisis.

US treasury secretary Janet Yellen has urged Congress to raise the nation’'s debt ceiling to ward off an economic crisis.

Yellen called on legislators to increase the 31.4-trillion-dollar federal debt limit to avert an unprecedented default that would trigger a domestic as well as a global economic downturn.

Her comments came after President Joe Biden warned that the country could slip into recession if lawmakers fail to raise the debt ceiling.