The first default in US history could take place in just a few short weeks. We could be seeing news of the US defaulting on debt as early as June 1. This after congress has failed to raise the debt ceiling, and Janet Yellen warning that the US debt ceiling must be raised by June 1 or the United States will run out of money. The June 1 deadline is much sooner than expected, and congress might not have enough time to reach a deal to raise the US debt ceiling by the deadline. If that happens, the US would default on its debt obligations in the first week of June. At the same time, the largest US bank collapse in 15 years just happened. The latest First Republic Bank News shows First Republic Bank (ticker FRC) has gone into FDIC receivership and was purchased by JP Morgan Chase late Sunday night. This bank collapse is larger than the Silicon Valley Bank collapse two months ago, and is now the 2nd largest bank collapse in US history. This could have an impact on markets worldwide as this world news causes new fears of a renewed banking crisis in the United States.