U.S. Treasury Secretary Janet Yellen said in a speech, "We need to raise the debt ceiling to avoid an economic disaster. If the debt ceiling cannot be extended, it will be the first time in U.S. history that we will not be able to pay our debts when they come due. The United States may default as early as June 1. If Congress does not act, the United States may see chaos in financial markets. Debt ceiling negotiations should not be conducted in a way that 'threatens the American people.' President Biden is willing to negotiate separately on spending priorities. I have confidence in the overall strength of the banking system. There is no better option than Congress raising the debt limit." (Jin Shi)