U.S. Treasury Secretary Janet Yellen says the government could default on its debt “as early as June 1.' debtceiling
U.S. Treasury Secretary Janet Yellen has warned that the Treasury will not be able to pay all of the government’s debt “as early as June 1, if Congress does not raise or suspend the debt limit before that time.” Yellen also cautioned that the U.S. defaulting on its debt obligations “would produce an economic and financial catastrophe.”United States Secretary of the Treasury Janet Yellen warned Monday that the U.S.
She clarified that the Treasury Department’s estimate of when it could default on the government’s debt obligations is “based on currently available data,” noting that “It is impossible to predict with certainty the exact date when Treasury will be unable to pay the government’s bills.” Emphasizing that “waiting until the last minute” to take action “can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States,” Yellen warned:
Because tax receipts through April have been less than the Congressional Budget Office anticipated in February, we now estimate that there is a significantly greater risk that the Treasury will run out of funds in early June.
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