Nevada treasurer calls the U.S. debt impasse a disturbing 'manufactured crisis'

Nevada state Zach Conine addresses reporters at a press conference in May in Carson City, Nev. (Gabe Stern/AP)

If President Biden and Congress fail to swiftly resolve a debt ceiling standoff, the federal government could default on its debt, running out of money to pay the bills as soon as June 1.

The Treasury Department says it's taking "extraordinary measures" to prevent a default, but some state treasurers worry about the impact on their budgets and residents.