Yellen warns of looming debt ceiling deadline and unpaid bills.

US Treasury Secretary Janet Yellen warns that the odds of the US paying all its bills by June 15 are "quite low" and some bills will go unpaid if Congress fails to raise the debt ceiling. Negotiations between President Biden's administration and Republicans led by House Speaker Kevin McCarthy are at a standstill over raising the country's borrowing limit, now at $31 trillion, to keep paying the nation's bills. Republicans are demanding steep spending cuts opposed by Democrats, while Democrats insist that Republicans agree to tax hikes on the wealthy, in addition to spending cuts, to close the deficit.