Treasury Secretary Janet Yellen on Tuesday delivered her most dire warning yet about the debt ceiling, urging Congress to raise it immediately so the government avoids running out of cash by early June. “A default would crack open the foundations upon which our financial system is built,” Yellen warned in prepared remarks. “It is very conceivable that we’d see a number of financial markets break – with worldwide panic triggering margin calls, runs and fire sales.” Yellen, speaking at the Independent Community Bankers of America Capital Summit, said the White House Council of Economic Advisers found that a default ... (full story)