US may risk debt default 'as early as June 1,' says Yellen
The United States could risk a debt default as soon aas early as early June, Treasury Secretary Janet Yellen said Monday, as policymakers tussle over raising the borrowing limit.
Last week, US House Republicans voted to raise the national borrowing limit with drastic cuts as they seek to confront President Joe Biden over "excessive" spending.
Earlier in January, the US hit its $31.4 trillion borrowing limit, but the Treasury Department adopted extraordinary measures that allow it to continue funding government operations.
If the debt ceiling is not raised or suspended by Congress before available tools are exhausted, the government risks defaulting on payment obligations, with profound implications for the economy.
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