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After negotiations briefly derailed last week, President Biden and Speaker Kevin McCarthy (R-Calif.) must finalize a deal this week to ensure enough time to shepherd it through Congress.
Treasury Secretary Janet Yellen warned in a Monday letter to congressional leaders that it was “highly likely” the U.S. will default by early June without action to lift the debt ceiling.
While Yellen has highlighted June 1 as a likely X-date for several weeks, her new and more urgent warning comes barely more than week before an unprecedented and potentially catastrophic default.
