Yellen's Debt Ceiling Dilemma: Uncertainty and Legal Questions Loom as Default Threatens.

To keep the debt limit off the table until after the 2024 presidential election would likely take the biggest single debt limit hike ever, according to forecasts by the nonpartisan Congressional Budget Office and the White House’s own Office of Management and Budget. Treasury Secretary Janet Yellen has warned the government could run out of money to pay its bills as early as June 1. House Republicans insist Biden must agree to spending cuts before they will allow the limit on government borrowing to be hiked. The White House said it won’t negotiate over the debt limit but is willing to talk about the budget separately.