Yellen Warns On Debt Ceiling

The US government could run out of money by June 1 For the first time in history, America could find itself in a situation where it cannot repay its debt, which would shake the global financial markets and potentially lead to a recession and an increase in unemployment.

Janet Yellen, the Treasury Secretary, wrote to Congress warning:

"In my January 13 letter, I noted that it was unlikely that cash and extraordinary measures would be exhausted before early June. After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government's obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time. This estimate is based on currently available data, as federal receipts and outlays are inherently variable, and the actual date that Treasury exhausts extraordinary measures could be a number of weeks later than these estimates."

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