US may risk debt default 'as early as June 1': Yellen
The United States could run out of funds to pay its debt obligations -- triggering a catastrophic default -- as early as the start of June, Treasury Secretary Janet Yellen said Monday, as policymakers tussle over raising the debt ceiling.. If the debt ceiling is not raised or suspended by Congress before current tools are exhausted, the government risks defaulting on payment obligations, with profound implications for the economy.