Janet Yellen warns Congress must pass debt limit hike by June 1 or risk default
on Monday that the U.S. could be unable to pay its bills as early as June 1 if lawmakers do not raise the federal debt limit.
Since January, the Treasury Department has undertaken “extraordinary measures” to stave off default after the government hit its $31.4 trillion borrowing capacity. Those emergency tactics only give the government enough room to cover day-to-day expenses.act as soon as possible to increase or suspend the debt limit in a way that provides longer-term certainty that the government will continue to make its payments,” wrote Ms. Yellen.
With time running out, it’s not clear whether Mr. Biden’s position will hold. The House-passed legislation would raise the debt ceiling by $1.5 trillion until May 2024 in exchange for $4.8 trillion in spending cuts.
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