Negotiations between the White House and House Republicans over raising the US debt limit have hit a snag over disagreement on baseline spending. The eight-day deadline before the government could face an unprecedented default is looming, which is causing investors to closely watch the talks for any sign of progress. Treasury Secretary Janet Yellen has already seen "some stress in financial markets," driven by fears that the US could stumble into a first-ever debt default, she said at a Wall Street Journal event. The GOP wants to cut spending as part of any deal to increase the Debt Ceiling.

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