Yellen called on Congress to raise or suspend the debt limit, or run out of cash by June
U.S. Treasury Secretary Janet Yellen is warning the U.S. could run out of cash by June 1.
Janet Yellen called on Congress to raise or suspend the debt limit so the United States could continue paying its bills.
She says the country could run out of money by the start of next month if Congress does not act now.
This puts pressure on President Biden and lawmakers to reach an agreement.
The new timeline to the so-called ‘x-date’ could force a flurry of negotiations between the House, Senate and White House over government spending.
Just a few days ago Yellen told Americans the failure to lift the federal debt limit by Congress would cause an “economic catastrophe”.
