(MarketWatch) US Treasury Secretary Janet Yellen has urged Congress to review the current debt ceiling to avert a possible financial crisis.
Yellen maintains that the US had raised borrowing ceilings in the past before the limits were exceeded.
The Treasury Secretary says that the US will run out of money around October. She is warning of higher interest rates and tumbling stock prices if the debt ceiling is not revisited.
Yellen sees millions of Americans running out of cash, which could also jeopardize the social security checks.
The US borrowing limit has been revised an estimated 80 times upwards from the 1960s.
The debt ceiling, which was put in place on August 1 after a two-year suspension, prevents further borrowing beyond the current $28.4 trillion. Only Congress can amend it otherwise.
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