Yellen warns of looming June 1 US debt ceiling deadline
US Treasury Secretary Janet Yellen has written to congressional leaders warning that the federal government could run out of cash as early as June 1, unless they agree on raising the debt limit or suspending it. President Joe Biden has invited Republican House leader Kevin McCarthy for talks on May 9. Failure to reach an agreement could cause "severe hardship", Yellen warns. Also on the show, we look at a crucial week ahead for investors after the failure of First Republic Bank. Plus, British energy giant BP posts higher-than-expected profits.
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