BREAKING: The U.S. could default “as early as June 1” if Congress doesn’t raise the debt limit, Secretary Yellen warns.
Treasury Secretary Janet Yellen said Monday the U.S. government might not be able to pay its bills as early as June 1 if Congress does not raise or suspend the debt limit.
In response to Yellen's letter, House Speaker Kevin McCarthy retorted that the House had acted,"and there is a bill sitting in the Senate as we speak that would put the risk of default to rest." He added,"The Senate and the President need to get to work — and soon." Asked if Senate Republicans could support a clean debt ceiling hike — that is, with no other legislation attached — Texas Sen. John Cornyn said he and his colleagues would not because it"won't pass the House, won't pass the Senate."
Yellen first wrote to Congress in January to let them know that the U.S. would have to begin using so-called"extraordinary measures" to pay the bills. At the time, she said that the U.S. could go into default as soon as June if Congress did not act, though she did not at that time specify when in June this could occur. Yellen said it would be impossible to offer an exact date but said she'd continue to update Congress.
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