Yellen warns of looming US default as debt ceiling concerns deepen.

A new non-partisan congressional report has warned of a "significant risk" of a historic default within the first two weeks of June if the United States government's $31.4tn borrowing limit is not raised. The report confirms Treasury Secretary Janet Yellen's earlier warnings that a default could come as early as June 1. President Joe Biden and his Democratic colleagues in Congress have urged prompt action to raise the statutory limit on government borrowing without conditions since the beginning of the year. Republicans, who narrowly control the House of Representatives, want new limits on future spending nailed down before they give the green light on more payments to cover borrowing on previously enacted spending.