Congress and the White House are barreling toward a June 1 deadline to resolve a debate over the debt ceiling, with the full faith and credit of the United States on the line.

Treasury Secretary Janet Yellen has said that failing to lift or suspend the debt ceiling would lead to “economic and financial catastrophe,” darkening a U.S. economic outlook already clouded by elevated inflation, high interest rates, and unease in the banking industry.

The Congressional Budget Office and the Treasury projected May 3 that if the government doesn’t pay its bills for even just a week, 500,000 Americans would lose their jobs as the economy contracts by 0.6%.