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U.S.-WASHINGTON D.C.-BIDEN-MCCARTHY-DEBT DEFAULT

(230523) -- WASHINGTON, D.C., May 23, 2023 (Xinhua) -- U.S. President Joe Biden is pictured at the White House in Washington, D.C., the United States, May 17, 2023. The United States is "highly likely" to default on government obligations by early June and potentially as early as June 1 if the Congress fails to raise or suspend the debt limit, said U.S. Treasury Secretary Janet Yellen in an update letter to congressional leaders on Monday. Yellen gave a similar estimate in another letter one week ago. Waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States, warned Yellen. (Photo by Ting Shen/Xinhua)

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