"Janet Yellen warns of potential job losses and retirement cuts as US approaches debt limit"

The US could default on its debt as early as June 1, leading to severe economic consequences such as job losses and cuts to retirement savings. Congress could prevent this by passing a bill to raise the debt ceiling this month. Republicans want to use the debt ceiling as a tool for spending cuts, while Democrats want a clean raise with no cuts attached. With just 12 legislative days ahead of June 1, both sides are finally convening to discuss the issue. A report from the Joint Economic Committee in March found that a default could cost Americans $20,000 in retirement savings, monthly mortgage payments could climb, and private student-loan payments could surge.