Treasury Secretary Janet Yellen has warned of "economic and financial catastrophe" if the debt ceiling is not lifted or suspended by June 1. Congressman Patrick McHenry of North Carolina, Chairman of the House Financial Services Committee, is working to come up with a solution to the debt ceiling issue, noting that a "protracted" default could trigger a Great Recession type of scenario. Both are urging Congress and the White House to come to an agreement before the June 1 deadline in order to avoid economic disaster.
