US Secretary of the Treasury: the country could reach its debt ceiling as soon as June 1, earlier than we expected.
• The US could face defaulting on its debt obligations sooner than expected, Treasury Secretary Janet Yellen warned in a letter to House Speaker Kevin McCarthy.
• Yellen said falling tax revenues mean the US could hit its debt ceiling as soon as June 1, earlier than Wall Street and Washington had expected.
• In light of the new, more negative outlook, President Joe Biden is calling congressional Big Four leaders to a meeting May 9 at the White House to discuss the debt limit.
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