The US has hit its borrowing limit, also known as the debt ceiling, fueling fears of putting global markets in instability and setting off a budgetary battle in Congress.

EXPLAINED: What's US debt ceiling & why is it such a big deal?

The US Treasury Secretary Janet Yellen on Friday wrote a letter to House Speaker Kevin McCarthy, warning that the country was about to hit its debt ceiling limit and that extraordinary measures were needed to avoid defaulting.

US perilously close to hitting debt limit and defaulting, warns treasury secretary Janet Yellen

The US Senate approved legislation to temporarily raise the federal government's $28.4 trillion debt limit and avoid the risk of a historic default this month.

US Senate approves debt limit hike to avoid default

Leaders of the Republican Party in US Congress on Tuesday continued withholding support to increasing US debt ceiling. The efforts to raise the debt ceiling have been initiated by the Democratic Party.

Republicans continue withholding support to US debt ceiling increase

United States's Treasury Secretary Steven Mnuchin on Friday issued a warning to US government about risk of running out cash as early as September, reports said.

US government to soon run out cash: Treasury Secretary Steven Mnuchin

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