Debt ceiling must be raised by June 5 to avoid default, new warning says

With a deal still not reached on raising the debt ceiling, Treasury Secretary Janet Yellen told Congress in a letter on Friday that the country could start defaulting on its bills June 5. Though the date is an extension of the original date of June 1, Yellen still urged lawmakers to find a deal quickly before the deadline.

• Debt ceiling deal needs to happen by June 5 to avoid default: Yellen