Impending U.S. Debt Default Threatens Global Economy and National Security

The Bipartisan Policy Center has warned that the US faces an "elevated risk" of defaulting on its debt between June 2 and 13 if Congress does not raise or suspend the nation's debt limit. The Treasury Department will be operating on "dangerously low" cash reserves after Memorial Day, and each day in June will come with increasing risk. Treasury Secretary Janet Yellen has reiterated her estimate that the X-date could arrive as soon as June 1 and warned that a failure to increase the debt limit would cause severe hardship to American families, harm the country's global leadership position, and raise questions about its ability to defend national security interests.