US Debt Default is Imminent! Treasury Secretary Warns: US Economy could Fall into Disaster

As the showdown over the US debt ceiling draws near, US Treasury Secretary Yellen is stepping up her warnings, urging Congress to raise the debt ceiling as soon as possible.
Yellen: US government could default on debt as early as early June
On Sunday EST, US Treasury Secretary Janet Yellen warned that failure to raise the US debt ceiling would lead to a dramatic economic downturn in the country. She reiterated her warning that the US federal government could hit the debt ceiling and default on its debt as soon as June 1.
Yellen said that the current forecast was that by early June, the US would not be able to pay its bills unless Congress raises the debt ceiling as she strongly urged Congress to do.
Yellen also pointed out that the US is already using extraordinary measures to avoid default, which is not something the Treasury can continue to do. For now, Congress needs to act to avoid an economic disaster. Otherwise, it is widely believed that financial and economic chaos will ensue.
Currently, members of the US Congress are trying to find a way to raise the debt ceiling. But the matter is at a temporary impasse: Republican leaders are demanding that the executive branch commits to spending cuts before raising the ceiling; Biden is insisting that it be raised without conditions.
This status quo has raised the possibility of a US debt default. In response, Yellen called on the US to act decisively and swiftly.
Yellen said in a letter to US House Speaker, Republican McCarthy, based on the latest data on tax revenues, that the US Treasury Department has moved up the expected time of inability to continue to meet all government obligations to as early as June 1 - a date that is earlier than the Wall Street economists expect.
Biden has invited congressional leaders to a meeting
President Joe Biden has called the leaders of the US Congress to a meeting at the White House on Tuesday (May 9) EST to discuss the debt ceiling, a White House official said.
Jeffries said Sunday that the meeting organised by Biden was very important and would help the United States find a way forward.
But Senator James Lankford, Republican of Oklahoma, charged that the meeting on the US debt ceiling should have been held much earlier. He argued that the issue had been raised a week after the election last November, but that President Biden's earlier refusal to negotiate was appalling.
He accused that everyone knew this was going to happen, but the president refused to talk about it.