The latest on the debt ceiling, as Republicans continue filibuster efforts

The U.S. is careening toward its first default ever in roughly two weeks if Congress doesn't raise or suspend the debt limit, allowing the Treasury to borrow money to pay its debts. 

Treasury Secretary Janet Yellen has warned the "extraordinary" measures currently being used to pay the government's bills are expected to be exhausted if Congress does not act by October 18, and at that point, the U.S. would run out of resources and default. It would be "catastrophic," Yellen said Tuesday and would lead to a recession.

Democrats and Republicans in Congress are gridlocked over how to proceed. As silly as this may sound, lawmakers in the Senate, which is where the problems are, seem to have reached the understanding the debt ceiling will be raised by 50 Senate Democrats alone, but they still have not agreed on how it will be done. Republicans have filibustered, or blocked, Democrats' attempts so far to pass it with just Democratic votes, and it seems likely they'll do so again Wednesday.