US May Run Out of Cash by June 1st Without Debt Ceiling Increase: Treasury Secretary

In a recent warning, US Treasury Secretary Janet Yellen has cautioned that the country may exhaust its cash reserves as early as 1 June, if Congress fails to increase or suspend the debt ceiling. The debt ceiling refers to the maximum amount of money that the government is allowed to borrow to finance its operations.

Failure to raise this limit would mean that the government will no longer be able to borrow any more funds, which could lead to a potential financial crisis. The warning comes as the Biden administration continues to push for a massive $4 trillion infrastructure plan, which will require significant government spending. The debt ceiling has been a contentious issue in the past, with lawmakers often struggling to agree on a solution. Yellen’s warning underscores the urgent need for Congress to act swiftly to prevent a potential economic catastrophe. In a recent warning, US Treasury Secretary Janet Yellen has cautioned that the country may exhaust its cash reserves as early as 1 June, if Congress fails to increase or suspend the debt ceiling. The debt ceiling refers to the maximum amount of money that the government is allowed to borrow to finance its operations.

Failure to raise this limit would mean that the government will no longer be able to borrow any more funds, which could lead to a potential financial crisis. The warning comes as the Biden administration continues to push for a massive $4 trillion infrastructure plan, which will require significant government spending. The debt ceiling has been a contentious issue in the past, with lawmakers often struggling to agree on a solution. Yellen’s warning underscores the urgent need for Congress to act swiftly to prevent a potential economic catastrophe.