Impending U.S. Debt Default Threatens National Security, Warns Yellen.

Treasury Secretary Janet Yellen warned Congress that the US could default on its financial obligations as soon as June 1 if the debt limit is not raised. The warning comes as President Biden and Speaker Kevin McCarthy are set to meet to try and resolve the impasse. Republicans have refused to raise the debt limit without spending cuts, forcing Democrats to the negotiating table to avoid a default that could cause a recession and financial crisis. Yellen said that failing to lift the debt limit would be disastrous for the economy and cause severe hardship to American families.