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Legislators in Washington have again failed to reach agreement for the US to raise its maximum borrowing level.

It had been hoped a deal would be struck before Asian financial markets opened on Monday morning.

Both parties insist they do not want the US to default on its credit but time is running out.
 
Unless an agreement is reached, the treasury will run out of the money it needs to pay its bills on August 2.

Al Jazeera's Cath Turner reports from Washington.

Source: Al Jazeera