The Urgency and Risks of the Debt Ceiling Standoff

Treasury Secretary Janet Yellen has set a deadline of early June, possibly June 1, for the US to raise its debt ceiling or face a potentially catastrophic financial crisis. Democrats are insisting on a "clean" bill that does nothing except raise the debt ceiling, while Republicans are insisting that any debt ceiling increase must come with concessions that begin to rein in future red ink. The short timeframe to maneuver is a significant part of the strategy and decisions for both parties here.