Debt ceiling talks: Biden and McCarthy meet amidst warnings of financial crisis.

US Treasury Secretary Janet Yellen warned that failing to raise the debt ceiling would trigger a new financial crisis and undo the economy's recovery from the Covid-19 pandemic. Yellen described a scenario where the government would be unable to pay its bills, disrupting government services and payments to military veterans and social security recipients. She confirmed that the estimated date for the US government to default if the debt limit is not raised is June 1. Talks between Democrats and Republicans over raising the debt limit have gone in a pessimistic direction, with no deal in sight. Joe Biden, Kevin McCarthy, and congressional leaders are meeting to discuss the issue.