US faces "significant risk" of historic default in June if borrowing limit not raised, warns Congressional Budget Office

05/12 20:11

The Congressional Budget Office has issued a report warning of a high risk of a historic default in the first two weeks of June if the US government's $31.4 trillion borrowing limit is not raised. Treasury Secretary Janet Yellen has also cautioned about the risk of a default as early as June 1. Democrats are urging prompt action to raise the borrowing limit without conditions, while Republicans want new limits on future spending before they approve more payments. The standoff is starting to have effects outside of Washington, with households showing the bleakest view of the economy in six months and Wall Street fretting over a potential default. Federal Reserve Chair Janet Yellen has warned that a default on US bonds could cause a recession and rattle global markets. She has urged Wall Street leaders and business owners to speak out about the impact of the debt limit fight on economies, and expressed optimism that the issue will be resolved. Yellen plans to discuss the impasse with leading bankers next week. Additionally, Democratic Representative Abigail Spanberger has suggested that members of Congress should have their paychecks withheld until the debt limit problem is resolved.

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