Yellen warns the U.S. could default by June 1 if the debt ceiling is not raised Yellen debt economy
U.S. Treasury Secretary Janet Yellen said the U.S. could run out of money to pay its bills by June 1 if Congress fails to raise or suspend the debt ceiling. This is earlier than previously thought.
She noted that the new estimate is based on"currently available data," adding that"the actual date that Treasury exhausts extraordinary measures could be a number of weeks later than these estimates." She also urged Congress to act as soon as possible, saying that failure to do so would lead to serious harm, damaging business and consumer confidence, raising short-term borrowing costs, and negatively impacting the credit rating of the U.S.
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