US Debt Ceiling Crisis: Yellen Warns of Economic Catastrophe and Biden Holds Talks with McCarthy.

Treasury Secretary Janet Yellen is personally calling CEOs to warn them about the "catastrophic" impact a US default on its debt would have on the global economy. Yellen is having one-on-one conversations with individual CEOs to explain the "dangerous consequences of the current brinkmanship." Talks on the issue should not take place "with a gun to the head of the American people," Yellen said in a pointed reference to Republican lawmakers' insistence on tying a debt-ceiling increase to sweeping spending cuts that Democrats oppose. President Joe Biden insists that Congress has a constitutional duty to raise the debt ceiling, which reflects previously spent federal money, without conditions.