Yellen warns Congress again that default could be just days away, but others forecast a little more time

Treasury Secretary Janet Yellen reinforced her warning to Congress that it has only a little time left to address the debt ceiling before the nation defaults on its obligations.

It is "highly likely" that the agency will not be able to pay all of its bills in full and on time as soon as June 1, Yellen wrote in a letter to House Speaker Kevin McCarthy on Monday.

"With an additional week of information now available, I am writing to note that we estimate that it is highly likely that Treasury will no longer be able to satisfy all of the government's obligations if Congress has not acted to raise or suspend the debt limit by early June, and potentially as early as June 1," she wrote.

Yellen's latest missive to Congress comes as White House and House GOP negotiators continue trying to hammer out a deal before the so-called X-date, when the nation would default.

McCarthy, who is scheduled to meet with President Joe Biden on Monday, said "nothing is agreed to," though there have been some good discussions. Among the sticking points is the depth of spending cuts.

The speaker said that the package has to come together this week for the House to pass it and move it to the Senate.

Yellen has spent much of May laying out the seriousness of a potential default, which would be a first for the US. She has said it could unleash a global economic recession and financial upheaval, as well as hurt millions of Americans who rely on federal government payments, including Social Security recipients, federal workers and Medicare providers.