Impending US Debt Default Threatens Global Economy and National Security.

Treasury Secretary Janet Yellen warned that the US risks running out of borrowing power in just 10 days, potentially as soon as June 1, due to a disappointing tax season that yielded less revenue than expected. Despite some optimism last week that Republicans and Biden officials were making progress toward an agreement to lift the nation’s $31.4 trillion borrowing cap, both sides spent the weekend accusing each other of moving backward in negotiations by making increasingly partisan offers. The House is scheduled for a break the week of May 29, while the Senate is out this week, with Senate Majority Leader Chuck Schumer warning lawmakers in the upper chamber that they will have 24-hours notice if they are needed back in town for action on the debt ceiling.