Yellen warns CEOs of dire consequences if debt limit not raised

US Treasury Secretary Janet Yellen has been calling CEOs and business leaders to discuss the consequences of brinkmanship around the debt ceiling. The Congressional Budget Office has forecasted that there is a “significantly greater risk that the Treasury will run out of funds in early June” because of weaker-than-expected tax collections. White House economists said that a protracted default would wipe out more than 8 million jobs and cut the value of the stock market in half. President Joe Biden is set to meet with all four congressional leaders on Tuesday in hopes of avoiding potential default and catastrophic economic consequences less than a month from now.