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Why US debt ceiling row could spark first downgrade in a decade

The dispute between Democrats and Republicans over lifting the amount America can borrow shows no signs of ending, with possibly disastrous consequences.

Matthew CranstonUnited States correspondent

Updated Jan 18, 2023 – 12.44pm,first published at 10.55am

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Washington | A high stakes game of chicken is under way in Washington over negotiations to lift the US debt ceiling, and experts are warning the country risks defaulting on more than $US475 billion ($680 billion) a year in interest payments and possibly the first credit rating downgrade in more than a decade.

Treasury Secretary Janet Yellen has said the debt ceiling – the maximum amount of debt the Treasury can issue – is forecast to hit its $US31.4 trillion limit on Thursday (Friday AEDT).