The United States Treasury Department has warned that the deadline to extend the debt ceiling or face the first U.S. default could be as early as June 1. Analysis from Moody's Analytics has revealed that tax receipts have been weaker than expected, leading to the revised timeline. Treasury Secretary Janet Yellen is urging Congress to act quickly in order to avoid a self-inflicted crisis, warning that "failure to act would have catastrophic economic consequences for every American."
