Yellen warns Congress of nearing US default

In a letter to the House, Yellen said that while it was difficult to give a specific estimate, the Treasury's cash supplies would "most likely" be exhausted at some point in October. This would result in a US default.  "A delay that calls into question the federal government's ability to meet all its obligations would likely cause irreparable damage to the US economy and global financial markets," Yellen said in the letter. "We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and c...