Two new analyses are backing Treasury Secretary Janet Yellen’s forecast that the nation could default on its debt – and unleash economic chaos – as soon as early June if Congress doesn’t act
. The projections, which are roughly in line with those issued last week by Yellen and the Congressional Budget Office, add to the pressure on House Republicans and President Joe Biden, who may have only a few weeks to hammer out their vast differences over addressing the debt ceiling. Biden is meeting with congressional leaders Tuesday to work on a deal, the first movement in months.
She noted it could come as early as June 1 but could be a number of weeks later. Even if the Treasury Department doesn’t completely run out of funds, it could be difficult for the agency to manage its payments and stay below the debt ceiling when it only has a tiny cash balance, Akabas said. How much revenue the agency collects in the next three weeks is critical to whether the nation will default next month. “Treasury is skating on very thin ice in the month of June.
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