Democrats and Republicans want the debt ceiling raised: So why the delay on Capitol Hill?

WASHINGTON – The United States has never defaulted on its debt before. And despite the Treasury Department's warning that the U.S. may be less than two weeks from being unable to pay its bills, the federal government is at a standstill of how to address that.

Treasury Secretary Janet Yellen told CNBC on Tuesday morning that failing to raise or suspend the debt ceiling by Oct. 18 would be "catastrophic."