The daily business briefing: May 2, 2023

Janet Yellen says the U.S. could run short of money to pay bills by June 1, writers go on strike in Hollywood, and more

Janet Yellen in Washington
(Image credit: Alex Wong/Getty Images)

1. Janet Yellen warns U.S. could default on debt by June 1

Treasury Secretary Janet Yellen wrote in a letter to Congress Monday that the government might not be able to meet all of its obligations "potentially as early as June 1" unless Congress takes action. President Biden on Monday called House Speaker Kevin McCarthy (R-Calif.), Democratic leader Hakeem Jeffries (D-N.Y.), Senate Majority Leader Chuck Schumer (D-N.Y.), and Senate Republican leader Mitch McConnell (R-Ky.) to meet with him in the White House on May 9 to discuss raising the debt ceiling to prevent a potentially catastrophic default on federal debt. House Republicans passed a bill offering to raise the debt limit in exchange for deep spending cuts, but Biden and leaders in the Democratic-controlled Senate said there should be no conditions.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.