May 15, 2023

WASHINGTON — Treasury Secretary Janet Yellen reaffirmed to Congress on Monday that the United States could default on its debt as early as June 1.

“With additional information now available, I am writing to note that we still estimate that Treasury will likely no longer be able to satisfy all of the government’s obligations if Congress has not acted to raise or suspend the debt limit by early June, and potentially as early as June 1,” she wrote.

The guidance came as the White House and congressional leaders prepared to meet Tuesday to continue negotiations over potential spending cuts in exchange for House passage of a debt ceiling hike. The Democratic-majority Senate is expected to back whatever the White House negotiates with the GOP-controlled House.

Read more:

https://www.cnbc.com/2023/05/15/debt-ceiling-yellen-says-us-could-run-out-of-money-by-june.html