ALAN RAPPEPORT

The Treasury secretary, who considered ways to contain the fallout of a default when she was a Fed official in 2011, had urged Democrats to...

The latest estimate is a slight extension from the previous June 1 deadline and comes as Republicans and the White House are trying to reach...

The Employee Retention Credit has spawned a cottage industry of firms claiming to help businesses access stimulus funds, often in violation of federal rules.

The Treasury secretary said the Biden administration would face “very tough choices” if Congress did not act.

The Bipartisan Policy Center said the government will be operating on “dangerously low” cash reserves after Memorial Day in its estimate of the so-called X-date.

The Bipartisan Policy Center said the government will be operating on “dangerously low” cash reserves after Memorial Day in its estimate of the so-called X-date.

The federal government is essentially living paycheck to paycheck, making the X-date hard to pin down.

The latest warning to Congress came before another meeting on Tuesday between President Biden and Speaker Kevin McCarthy to resolve the debt ceiling crisis.

A default would cause financial distress, economic disruptions and rapid increases in borrowing rates, the nonpartisan Congressional Budget Office said.

The Treasury secretary warned that a default would lead to a “very substantial downturn.”