The Unpredictable Consequences of the US Debt Limit Debate.

Wall Street leaders have urged Washington to resolve the U.S. debt ceiling crisis as soon as possible, warning that the consequences of a default or prolonged negotiation are "unquantifiable." The current stalemate could also undermine the foundation of the U.S. Treasury bond market, they said in a letter addressed to U.S. Treasury Secretary Janet Yellen. The group also said the U.S. debt limit might need to be revoked altogether, adding that the uncertainty of the current debt cap standoff is pushing financial firms to set aside time to prepare for a possible default scenario.