US faces possible default on debt by June 1, warns Treasury Secretary Yellen.

Treasury Secretary Janet Yellen has warned that the US could potentially default as soon as June 1 if Congress has not raised or suspended the debt limit by early next month. Yellen called on lawmakers to act as soon as possible to protect the full faith and credit of the United States, noting that failure to increase the debt limit would cause severe hardship to American families, harm the country's global leadership position, and raise questions about its ability to defend national security interests. President Joe Biden and congressional Republicans have reached an impasse on debt negotiations in recent weeks.