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The U.S. May Default on June 1 Without Debt Ceiling Hike

Biden, McCarthy to meet to discuss a deal

On Monday, President Joe Biden summoned the four top congressional leaders to the White House next week after the Treasury warned the government could run short of cash to pay its bills by June.

Treasury Secretary Janet Yellen said in a letter to Congress that the agency will be unlikely to meet all U.S. government payment obligations "potentially as early as June 1" without action by Congress.

The estimate raised the risk that the United States is headed for an unprecedented default that would shake the global economy, adding new urgency to political calculations in Washington, where Democrats and Republicans were girding for a months-long standoff.

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