US Debt Default Looms in June Despite Tax Receipts, Yellen Warns.

The Congressional Budget Office has warned that there is a "significant risk" the US will default on its debt "at some point in the first two weeks of June." This is an escalation from the agency's previous assessment of how soon the government won't be able to pay its bills. The new assessment underscores the tight timeline lawmakers are facing to reach a deal to lift the debt ceiling, or risk an unprecedented default that analysts have warned would wreak havoc on the economy.