Treasury Secretary Janet Yellen warns of “steep economic downturn” if Congress fails to raise the debt ceiling, as the Treasury Department may exhaust its measures to pay debt obligations by June.

• Yellen urges Congress to act swiftly to avoid “economic calamity,” highlighting that financial and economic chaos is likely to follow.
• Lawmakers currently face an impasse on raising or suspending the debt ceiling, which is crucial for the U.S. to pay its bills on time.

President Joe Biden has invited top congressional leaders to a May 9 White House meeting to discuss the debt limit.

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