Treasury Secretary Janet Yellen notified Congress on Monday that the U.S. could default on its debt as early as June 1, if the body does not raise or suspend its statutory borrowing authority before then.
Treasury Secretary Janet Yellen speaks on the U.S.-China economic relationship at Johns Hopkins University School of Advanced International Studies, Thursday, April 20, 2023, in Washington.
Also Monday, the Congressional Budget Office reported that it saw a greater risk of the U.S. running out of funds in early June. CBO Director Phillip L. Swagel said because of less-than-expected tax receipts this filing season and a faster IRS having processed already received returns, “Treasury’s extraordinary measures will be exhausted sooner than we previously projected.
While Russia’s invasion of Ukraine remains a burden on U.S. economic growth, Treasury officials say the debate over the debt ceiling poses the greatest risk to the U.S. financial position.
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