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Day 832

1/ Treasury Secretary Janet Yellen warned that the U.S. could default “as early as June 1” unless Congress raises or suspends the debt ceiling. A default could cause “severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests,” Yellen said. The revised estimate from the Congressional Budget Office comes less than a week after House Republicans passed legislation to raise the debt ceiling through 2024 in exchange for billions of dollars in spending cuts and the repeal of federal funds to fight climate change. Democrats in the Senate, however, have refused to take up the legislation. And Biden, who has threatened to veto the bill, said Republicans need to protect the economy by raising the debt limit without the “reckless hostage taking.” (Washington Post / New York Times / Axios / NBC News / CNN)

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