[HIGHLIGHTS] US Treasury Secretary renews warning: 'catastrophic' consequences if Washington defaults on its debts

U.S. Treasury Secretary Janet Yellen warns of "catastrophic" consequences if Congress does not raise debt ceiling.

The United States reached a borrowing cap of $31.4 trillion in January. Biden says he will meet with opposition leaders on Tuesday to try to reach a deal to keep the debt ceiling at $16.5 trillion. The White House has warned of dire consequences if the debt limit is not raised by the end of the year, including a possible recession.. The U.S.-led coalition of European countries has been trying to raise the debt cap since January.