Treasury Secretary Janet Yellen warned Monday the United States could default on its debts as early as June 1, unless Congress takes action to raise the limit on the national debt. Yellen’s warning came less than a week after House Republicans approved a bill to raise the debt limit in exchange for a 13% cut in discretionary spending, with huge cuts to programs including student debt relief, food assistance, Medicaid and renewable energy. On Monday, Senate Democratic Majority Leader Chuck Schumer pressed ahead with a two-year suspension of the federal debt ceiling that would not contain federal spending cuts. The Senate is set to hold a hearing on the debt ceiling this Thursday, and President Biden has called House Speaker Kevin McCarthy and other congressional leaders to a White House meeting on May 9.