The US national debt and a looming default are among the main topics in the media now. US Congress should approve a new debt ceiling while time is running out. Meanwhile, President Joe Biden has warned about the consequences if Congress does not take action timely. "It would be catastrophic for the American economy and the American people if we didn’t pay our bills," Biden said. "I don't know what Speaker McCarthy thinks. I think he knows better. I think he knows that default would be disastrous," the US president noted on meeting with Congressional Leaders. He also admitted that the country "does not default on its debt." In his remarks, Biden stressed that Congressional leaders shared this view and intended to discuss the issue in the future. Earlier, US Treasury Secretary Janet Yellen estimated the timing of the default in the country. According to her, Washington will run out of money in early June. "I indicated in my last letter to Congress that we expect to be unable to pay all of our bills in early June and possibly as soon as June 1," Yellen said in her letter to Congress.
