Treasury Secretary Yellen Warns that the US could breach debt ceiling next month
In a letter to House Speaker Kevin McCarthy as well as other bipartisan leaders Treasury Secretary Janet Yellen said that the United States could breach its debt ceiling as soon as June 1. In her letter, she said,"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.
The United States has always met its obligations which include interest payments to individuals and other nations. The government officially ran out of money on January 19 as the debt ceiling of $31.4 trillion was reached. President Biden insists that legislation be passed to raise the debt ceiling without any additional conditions. The president’s response was,"Folks, it’s the same old trickle-down dressed up in MAGA clothing. Only worse…The cuts target programs that millions of working-and middle-class Americans count on while separately pushing more tax giveaways that benefit corporations and the wealthy.
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