Yellen Warns ‘Time Is Running Out’ Ahead of Biden-McCarthy Meet

Treasury Secretary Janet Yellen warned that “time is running out” to avert an economic catastrophe from failing to raise the debt ceiling, speaking before Tuesday’s meeting between President Joe Biden and congressional leaders on the standoff.

On Tuesday morning, Speaker Kevin McCarthy said there had been “no progress” in talks overnight ahead of the 3 p.m. gathering. On Monday he warned, “We only have so many days left to deal with this.”

The two sides showed little signs of agreeing on much else other than the countdown in the runup to the second White House encounter on the debt ceiling ...