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room for compromise yet on an issue that impacts the global economy. us treasury secretary janet yellen says the us could run out of cash byjune 1st, prompting president biden to call a meeting with the top leaders in congress next week. in a letter to the leaders today, yellen warned: speaker mccarthy responded to yellen in a statement, saying: the republican controlled house passed a debt ceiling bill last week that includes steep spending cuts. senate democratic majority leader chuck schumer announced a process to pass a clean bill with no cuts just hours ago. meanwhile, a little relief in the banking sector. wall street giantjp morgan chase took over the troubled first republic bank in a $10.6 billion deal brokered by regulators. they seized first republic early on monday, after efforts to rescue the bank fell through over the weekend. the failure of the bank is the second largest in us history, and the third in the country since march. samira hussain has more. as of mond

Bbc newsMay dayDebt obligationsWhite houseHeating upDebt ceilingJanet yellenCash byjune 1stSpeaker mccarthyDebt ceiling billChuck schumerFirst republic bankWall streetSpending cutsBanking sectorGiantjp morgan chase