US may risk debt default by June 1, Yellen warns FMTNews FMTBusiness
Treasury Secretary Janet Yellen says Congress must decide to raise or suspend the debt limit to assure long-term payments.
Last week, US Republicans voted to raise the national borrowing limit with drastic cuts as they sought a showdown with President Joe Biden, a Democrat, over “excessive” spending. If the debt ceiling is not raised or suspended by Congress before current tools are exhausted, the government risks defaulting on payment obligations, with profound implications for the economy.
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