US could default on its debt by June 1, Janet Yellen warns; Biden to hold meeting next week

The US may run short of cash to pay bills after June 1, warned Treasury Secretary Janet Yellen, prompting US President Joe Biden to call a meeting to discuss a possible debt ceiling hike. Yellen acknowledged the date is subject to change, given that forecasting government cash flows is difficult. But based on April tax receipts and current spending levels, she predicted the government could run short of cash by early June.