The White House has rejected a new proposal by House Republicans to prevent a debt default less than two days before the debt ceiling deadline. “The president has said repeatedly that Members of Congress don’t get to demand ransom for fulfilling their basic responsibilities to pass a budget and pay the nation’s bills,” White House spokeswoman Amy Brundage said in a statement on Tuesday. “Unfortunately,... 

With the US debt ballooning to a new record of $16.7tln and the deadline to fix the ‘debt ceiling’ expiring on October 1, a default threat looms over the world’s largest economy. Experts agree the government will broaden its borrowing limit. The latest warning to Congress comes from the International Monetary Fund, who urged the US Congress to reach an agreement to raise its debt ceiling and...