After Treasury Secretary Janet Yellen warned that the U.S. could default on its debts as soon as June 1 if Congress doesn’t raise the nation’s borrowing limit, President Joe Biden invited the top four U.S. lawmakers to a meeting on May 9.
A divided Washington is making a little progress toward raising the debt ceiling and avoiding a U.S. default, but the endgame still isn’t clear. Here’s what looks likely to come next, as a White House meeting among key players is planned for May 9 — and June 1 looms as a possible deadline.
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U.S. Could Hit Debt Ceiling as Soon as June 1, Treasury Department SaysTreasury Secretary Janet Yellen issued a stark warning to Congress on Monday, saying that the United States could default on its $31.4 trillion in debt as early as next month if action is not taken soon.
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