U.S. Treasury Secretary Janet Yellen has updated her projection regarding the date the U.S. government could default on its debt obligations. She warned that the Treasury “will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5.”
Yellen Warns US Could Default on June 5
U.S. Treasury Secretary Janet Yellen has revised her estimate for the potential date of a U.S. default. In a letter she sent to all congressional leaders Friday regarding the debt limit, Yellen wrote:
Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5.
“We will make more than $130 billion of scheduled payments in the first two days of June, including payments to veterans and Social Security and Medicare recipients. These payments will leave Treasury with an extremely low leve
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