Yellen warns of potential U.S. cash shortage by June 1.

US Treasury Secretary Janet Yellen has warned Congress that the US could default on its debt as early as June 1 if the debt limit is not raised or suspended. The White House and congressional leaders are set to meet to discuss potential spending cuts in exchange for a debt ceiling hike. President Joe Biden is optimistic about reaching a deal with Republicans, but House Minority Leader Kevin McCarthy has said that they are still far apart. Yellen emphasized the urgency of the situation, warning that waiting until the last minute could cause serious harm to business and consumer confidence and negatively impact the credit rating of the United States.