Treasury Secretary Janet Yellen alerted that the country could run out of money as soon as June 1. The federal borrowing limit currently sits at $31.4 trillion.
Treasury Secretary Janet Yellen alerted that the country could run out of money as soon as June 1."It’s kind of like the credit limit that you have on your credit card. Americans know if they were to walk into a store, if they were to buy something and put it on that credit card, but that purchase would put it over the limit, that payment would be declined. It's pretty similar for the federal government," said Sarah Foster, an analyst for Bankrate.
"They can either vote to raise the debt ceiling, which has to come right now, at least as far as we know, from a Congressional decision, or they can vote to suspend or eliminate the debt ceiling altogether," Foster said."It would have consequences for pretty much every American who is hoping to buy a home, buy a car, make any of these major financial decisions.
"It's hard to predict the chances of default, but right now they are meaningfully greater than zero," Foster said.
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