Investors are still hopeful that lawmakers will clinch a deal to raise or suspend the debt ceiling. That's because failure to do so could have devastating consequences in markets.

The U.S. is undertaking "extraordinary" measures to avoid defaulting on its obligations after the country reached its debt limit on Thursday. Now, a big political fight looms.

Janet Yellen was confirmed by the Senate to serve as Treasury secretary. She'll be the first woman to hold that post and will lead the Biden administration's efforts to address the pandemic recession.

Joe Biden plans to nominate the former Federal Reserve chair as his Treasury secretary. She would play a leading role in helping the economy recover from the pandemic.