treasury secretary janet yellen on monday warned a breach of the us debt ceiling could cause “financial chaos” and downgrade the status of the us dollar as the world’s reserve currency yellen spoke in a cnbc interview a day before president joe biden and house speaker kevin mccarthy are scheduled to meet at the white house to discuss the debt ceiling mccarthy a california republican is insisting on spending cuts in exchange for raising the 314 trillion borrowing limit biden wants the debt ceiling to be raised