Debt limit crisis looms as deadline approaches.

Senate Republicans reject the idea of a short-term debt ceiling increase to buy more time for negotiations with the White House, arguing that it will only delay negotiations further. Treasury Secretary Janet Yellen warned that the deadline to prevent a default on the nation's debt could be as early as June 1. Senate Democratic leaders are pushing for a clean bipartisan bill to avoid default, while House Democrats are preparing a plan to pass a clean debt ceiling bill through a special rule. House Republicans passed a debt limit bill last week that would slash federal spending.