The Federal Reserve chairman Ben Bernanke has ramped up pressure on Congress to agree on its debt ceiling level, in light of rating agencies S&P's and Moody's threats to cut the US' AAA debt rating.
Calls for the US to raise its debt ceiling to $14.3trn (£8.6trn) are mounting as Bernanke becomes the latest voice warning Congress on the repercussions of not signing a deal, the Telegraph reported. Yesterday credit ratings agency Standard & Poors announced plans to cut the US' triple-A status, closely following Moody's announcement it was reviewing the status of US debt on the same day. Bernanke warned a failure to reach an agreement would be a "self-inflicted wound". If Congress fails to agree on a plan, in three weeks' time the US economy could be forced to default, a move that...
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