A looming risk of default could hit the US as soon as June 1 if the country's $31.4tn debt limit is not addressed before that date, warned Treasury Secretary Janet Yellen in a letter to House Speaker Kevin McCarthy. Yellen cited a drop in recent federal tax receipts that brought forward its inability to meet government obligations early. This acceleration puts pressure on President Joe Biden and Republican members of the House to ramp up debt-ceiling discussions before the cash at hand and "extraordinary measures" dry up. The actual default date remained uncertain because government spending and revenue generation amounts were variable, but waiting until the last minute could result in harm to business, raise borrowing costs, and damage credit ratings. In a White House NBC report, Biden called a meeting with the four congressional leaders on May 9 to discuss the debt-limit issue. Recent Congressional Budget Office data suggests the Treasury might run out of funding as early as June if tax receipts continue to disappoint, earlier than the previous forecast of between July and September.