U.S. Debt Limit Could Be Reached by June 1, Treasury and Yellen Warn

Treasury Secretary Janet Yellen has warned that the US could hit its debt limit as early as June 1, which is sooner than expected. Yellen emphasized the uncertainty surrounding the issue and noted that it could slide to "a number of weeks later" than that. The new cutoff window gives Congress a narrower timeline to hammer out a solution after Yellen previously said the deadline was June 5. The US hit the statutory borrowing limit in January and has since been using "extraordinary measures" to pay the bills.