The United States may default on June 1st



France Press agency

May 1, 2023, 7:26 p.m.

United State can bear defaulting on its debts at the beginning of June, He said Monday, May 1st Treasury Secretary Janet Yellen While politicians argue about raising the limit on government borrowing.

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Last week, Republicans voted to raise the national debt limit but with drastic budget cuts, as they sought to take on the Democratic president. Joe Biden on accountExaggerated“.

Although the United States arrived in January Its debt limit is $31.4 trillion of dollars, The Treasury has taken extraordinary measures that allow it to continue financing government activities.

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If the debt ceiling is not raised or suspended by Congress Before the current contract runs out, the government risks defaulting on its payment obligations, with profound implications for the economy.

Our best estimate is that we will not be able to continue to meet all government obligations as early as June, and possibly as soon as June 1, if Congress does not raise or suspend the debt limit before then.Yellen said in a letter Speaker of the House Kevin McCarthy.

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Given current projections, it is essential that Congress act as soon as possible to raise or suspend the debt limit to provide long-term certainty that the government will continue to honor its payments.Yellen added.

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France Press agency

Aileen Morales

"Beer nerd. Food fanatic. Alcohol scholar. Tv practitioner. Writer. Troublemaker. Falls down a lot."

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