USA on default. Treasury Secretary Janet Yellen has warned that the US is likely to default as early as June 1 unless Congress raises or suspends the debt ceiling before then. In a letter to House and Senate leaders, Yellen urged Congress to “protect the full confidence and credit of the United States by acting as expeditiously as possible.” Waiting until the last minute to suspend or raise the debt limit can seriously damage business and consumer confidence, increase short-term borrowing costs for taxpayers, and adversely affect United States creditworthiness.
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To deal with the emergency, President Joe Biden has called together the four key congressional leaders, including House Speaker Kevin McCarthy, to discuss raising the debt ceiling. This was reported by sources quoted by US media. The subpoena comes after Treasury Secretary Janet Yellen warned the US could default by June 1.