US Treasury Secretary Janet Yellen warned Friday of a possible US debt default on June 5 if Congress fails to raise the ceiling on borrowing, updating a previous estimate of June 1.
“Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5,” she wrote in a letter to the Republican speaker of the House of Representatives, Kevin McCarthy.
