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Transcription by Emerson

Transcription by Emerson

Treasury Secretary Janet Yellen warns the U.S. could default as early as June 1st.

And what J.P. Morgan's takeover of First Republic tells us about the state of the banking industry.

And what this did show is that really rapidly rising interest rates can just break banks.

And they're not good for certain banks.

Plus, the circle of people associated with Jeffrey Epstein is wider than previously thought.

He was able to maneuver among these powerful people.

He was in the tabloids for some reasons, but he could still get these meetings.

It's Monday May 1st.

I'm Ann Marie for Tolly for the Wall Street Journal.

This is the PM edition of What's News, the top headlines and business stories that moved the world today.

Treasury Secretary Janet Yellen says the U.S. government could default as soon as June 1st if Congress doesn't act to raise the nation's borrowing limit.

The forecast is earlier than previously expected.

The Congressional Budget Office had estimated in February that the U.S. could be unable to pay its bills on time sometime between July and September.

The new forecast mentioned by Yellen in a letter to House Speaker Kevin McCarthy gives Republicans and Democrats a matter of weeks to reach an agreement on raising the nation's roughly 31.4 trillion dollar borrowing limit.

Republicans who control the House are trying to force Democrats to agree to spending cuts in exchange for raising the borrowing limit.

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