Treasury Secretary Janet Yellen warned that the U.S. is likely to run out of money to pay its bills as early as June 1 if Congress does not raise or suspend the debt limit. Yellen set the June 1 deadline for the U.S. to extend the borrowing limit and warned that a first-ever default on the country's debt would have disastrous economic implications. She said that a default would have "catastrophic economic consequences that would last for decades."
