The White House warned that a debt ceiling crisis could be just as bad as the Great Recession — and there'd be no way for the government to help anyone out

• The US could run out of money to pay its obligations as soon as June 1, as the debt ceiling looms.
• The White House is warning that a protracted default could be as bad as the Great Recession.
• However, unlike in previous recessions, the government couldn't cushion the blow during a default.

The White House is sounding the alarm about what economic horrors the country might see without action on the debt ceiling.