Treasury Secretary Janet Yellen on Monday said the U.S. won’t be able to pay all its bills by early June, and as soon as June 1, if Congress doesn’t raise the debt ceiling. Yellen’s fresh warning came shortly before President Joe Biden and House Speaker Kevin McCarthy are scheduled to meet to discuss the borrowing limit. McCarthy, a California Republican, told reporters on Capitol Hill that a deal needs to happen this week. He said it’s “still possible” to get an agreement through Congress by June 1.
