Legislators in Washington have again failed to reach agreement for the US to raise its maximum borrowing level.<br />It had been hoped a deal would be struck before Asian financial markets opened on Monday morning.<br />Both parties insist they do not want the US to default on its credit but time is running out.<br /><br />Unless an agreement is reached, the treasury will run out of the money it needs to pay its bills on August 2.<br /><br />Al Jazeera's Cath Turner reports from Washington.
