(TSN): Treasury Sec. Janet Yellen said in a May 1 letter updating House Speaker Kevin McCarthy on the nation's debt debacle that the US is running out of time and money and could go into sudden default this June. Her assessment prompted Pres. Biden to agree to meet with McCarthy and 4 other Republican leaders for budget talks. He hopes to convince the tight fisted team to compromise on raising the drained $31 Trillion debt limit. Wrote Yellen, the impact of ignoring or not raising the debt limit "...can cause serious harm to business and consumer confidence. ..raise short-term borrowing costs for taxpayers...and negatively impact the credit rating of the United States."