- Treasury Secretary Janet Yellen on Monday warned Congress that it must approve a deal to raise the debt ceiling by June 1 or risk a national default.
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The U.S. hit its $31.38 trillion spending limit in January, prompting Yellen to implement “extraordinary measures” to keep the government operating.
- She had previously indicated the government was prepared to keep paying its expenses into early June, but her warning Monday accelerated the timetable to avert a default.
- The GOP-led House last week passed a combination spending bill/ plan to raise the debt ceiling, which the White Hose says President Biden will reject.
- After the announcement, news reports surfaced that Biden on Monday called the top four leaders in Congress to a May 9 meeting to discuss the matter.
