US will default by June 5 without debt-ceiling deal, Treasury says

U.S. Treasury Secretary Janet Yellen said on Friday the government would run short of money to pay its bills on June 5, which would trigger a potentially calamitous default, unless Congress raises the $31.4 trillion debt ceiling.

(File photo: Xinhua)

Meanwhile, President Joe Biden said he is "hopeful" of a resolution within hours to the debt ceiling standoff between Democrats and Republicans, raising hopes of an imminent end to the threat of default by the world's biggest economy.