It’s still likely that the US could default on its obligations in early June if Congress doesn’t act, Treasury Secretary Janet Yellen said
The looming deadline is keeping the pressure high on House Republicans and the White House to bridge their differences and address the debt ceiling in the coming days. President Joe Biden is expected to meet again on Tuesday with House Speaker Kevin McCarthy and other top congressional leaders.
“We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States,” she wrote.
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