US Government Faces Impending Debt Crisis as Deadlines Loom

The US government could run out of money to pay its bills if leaders do not reach a deal to lift the debt limit by June 1. The Treasury will have to decide which obligations don't get paid, even as multiple critical bills are due. Lifting the debt ceiling is necessary for the government to cover spending commitments already approved by Congress and the president — and prevent default. The Treasury has taken extraordinary steps to keep paying the government's bills, and expects to be able to avoid a first-ever default at least until early June.