Impending US Default Looms as Debt Ceiling Deadline Approaches

The US risks defaulting on its debts for the first time in history as early as June 1, according to Treasury Secretary Janet Yellen. Yellen urged Congress to act as soon as possible to raise or suspend the debt limit, which is currently set at about $31.4 trillion. The House Republican majority has said they won't raise the limit further without a compromise from Democrats on spending and the federal government's budget, which President Joe Biden has rejected. The president called all four congressional leaders to a May 9 meeting on the debt limit.