U.S. faces potential default by June 1, warns Treasury Secretary Yellen.

President Biden has invited congressional leaders to the White House next week to discuss the debt ceiling, as the Treasury Department warns that the government could default as soon as June 1. The debt ceiling is the legal maximum the U.S. government can borrow to pay its bills. Republican lawmakers have tried to extract spending cuts and other policy concessions from the White House. The president has threatened to veto the GOP bill and called on Congress to raise the debt ceiling without conditions. The Treasury Department sounded an urgent alarm about the need for haste, warning that inaction could cause severe hardship to American families, harm the country's global leadership position, and raise questions about its ability to defend national security interests.