The Impending Debt Ceiling Crisis and Its Potential Impact on Social Security, Medicare, and Healthcare.

US Treasury Secretary Janet Yellen has said there is still uncertainty about when the Treasury will run out of cash to pay US government debts, but she will keep Congress apprised of any change in the date, which could come as early as June 1. Yellen said the Biden administration was working around the clock to avert the economic upheaval that would be triggered if Congress failed to raise the $31.4tn debt limit. World Bank President David Malpass said the risk of a US default was adding to problems facing the slowing global economy, with rising interest rates and high debt levels choking back investments needed to fuel higher output.