US Congress has less than month to strike deal to pay debts

The US could default on $31.4 trillion in debt as soon as June 1. That's the date Treasury Secretary Jannet Yellen announced Monday, giving Congress less than a month to strike a deal. US President Joe Biden has called for a meeting with Republican Speaker of the House Kevin McCarthy and other leaders to hash out an agreement on spending that avoids an unprecedented default. Democrats want to pass an increase to the debt ceiling and keep paying interest on US bonds, that doesn't involve slashes to social spending that Republicans have proposed. The new date adds serious urgency to a problem that has been brewing since January when the Treasury Department started using stop-gap measures to keep paying its obligations to creditors. President Biden on Monday stressed the importance of protecting the creditworthiness of the country.
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