Yellen warns of potential US default by June 1.
TL;DR
Treasury Secretary Janet Yellen has warned Congress that the US could default on its debt as early as June 1 if legislators do not raise or suspend the nation’s borrowing authority before then. The Congressional Budget Office has also reported a greater risk of the US running out of funds in early June. Yellen urged congressional leaders to act as soon as possible to address the $31.4tn limit on its legal borrowing authority to protect the full faith and credit of the United States and avoid a potential global financial crisis.
Topics:nationfinance#borrowing-authority#congressional-budget-office#finance#global-financial-crisis#janet-yellen#us-debt
- Treasury's Yellen says US could default as soon as June 1 The Associated Press
- U.S. Could Run Out of Cash by June 1, Yellen Warns The New York Times
- Treasury Secretary: U.S. could default as early as June 1 CBS News
- US could default on its debt as soon as June 1 if Congress doesn't act, Yellen says CNN
- U.S. debt ceiling must be raised or suspended by June, Treasury says The Washington Post
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