Trump's Debt Ceiling Plan Sparks Global Economic Concerns.

Failure to reach an agreement on raising the US debt ceiling could lead to a global downturn, undermine US global economic leadership, and raise questions about national security interests, warns Treasury Secretary Janet Yellen. The US has hit the $31.4tn debt ceiling set by Congress, and without an agreement, experts project a default could happen as early as June 1. The impact could cause stocks to plummet, send the US into a recession, and damage the economy in unforeseen ways. Moody's Analytics economist Bernard Yaros Jr. puts the probability of a default at about 10%, but warns that if it lasts longer than a few days, the impacts on the US financial system could be far-reaching.