May 3, 2023

US Treasury Secretary Janet Yellen warned Monday that the United States is at risk of defaulting on its debts as of the beginning of June.

In a letter to Republican House Speaker Kevin McCarthy, Yellen said: “Our best estimate is that we will be unable to continue to meet all of the government’s obligations by early June, and possibly as of June 1, if Congress does not raise or suspend the debt ceiling before that date.”

“Given current projections, it is imperative that Congress move as quickly as possible to increase or suspend the debt ceiling in a manner that provides long-term certainty that the government will continue to make its payments,” she added.

The Treasury Secretary’s remarks come amid a row between Republicans and Democrats over raising the borrowing ceiling.

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