"US Default Threatens Catastrophic Global Economic Fallout"

President Joe Biden's administration has warned of "catastrophic" consequences for the US economy if the country defaults, as negotiations with Republicans over a debt deal are expected to resume in the week ahead. Congressional Republicans are demanding budget cuts in exchange for lifting the so-called debt ceiling, while the White House has insisted for months that the nation's credit should not be up for negotiation. Treasury Secretary Janet Yellen has warned a default could occur by June 1, while the nonpartisan Congressional Budget Office forecast on Friday the date of June 15.