Yellen Says It's Hard to Predict an X-Date

Treasury Secretary Janet Yellen warns that the Treasury may run out of cash by June 1st, causing stress in financial markets. The timeline for this 'X date' is fluid, with potential extensions. There is criticism over the lack of transparency from the Treasury regarding what happens if the debt ceiling isn't raised. Contingency plans are unclear, and the US has never defaulted on its debt before, leaving uncertainty about the future.

What concerns have been raised by Republicans regarding the Treasury's transparency?

What is the historical context mentioned regarding the U.S. defaulting on its debt?