Treasury Secretary Janet Yellen said there was still uncertainty about exactly when Treasury would run out of cash to pay U.S. government debts, but she would keep Congress apprised of any change in the date, which could come as early as June 1.
Speaking on the sidelines of Group of Seven finance officials meeting in Japan, Yellen told Bloomberg TV that the Biden administration was working around the clock to avert the economic upheaval that would be triggered if Congress failed to raise the $31.4 trillion debt limit.with senior Wall Street bankers about the possibility that Washington could default on its debt for the first time since 1789.
"Clearly, distress in the world's biggest economy would be negative for everyone," he said on the sidelines of the G7 meeting. "The repercussions would be bad to not get it done."that Treasury could run out of money to pay all the government's bills as early as June 1. Unlike most developed countries, the U.S. sets a ceiling on how much it can borrow. Because the government spends more than it takes in, lawmakers must periodically raise that cap.
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