Janet Yellen warns of potential US default by June 1st due to debt ceiling.
TL;DR Summary
US Treasury Secretary Janet Yellen has warned that the US may run out of cash by 1 June if Congress fails to raise or suspend the debt ceiling. Reaching the debt ceiling would mean that the government is unable to borrow any more money. House Republicans have demanded drastic spending cuts and a reversal of some aspects of President Biden's agenda in exchange for votes to raise the debt ceiling. A default could upend global financial markets and shatter trust in the US as a global business partner.
- Debt ceiling: Janet Yellen warns US could run out of cash by 1 June BBC
- 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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