US Treasury Secretary Yellen Warns of Economic Consequences if Debt Limit Not Raised by June 1 Deadline

Treasury Secretary Janet Yellen has reiterated that June 1 is a "hard deadline" for Congress to raise the debt ceiling, warning that if they fail to act, "some bills [will] have to go unpaid." President Biden and House Speaker Kevin McCarthy are set to meet on Monday to continue negotiations, with Republicans demanding spending cuts and policy changes in exchange for their votes. Biden has called on Republicans to abandon their "extreme positions," while Yellen dismissed the idea of invoking the 14th Amendment to unilaterally raise the debt limit.