The U.S. government risks defaulting on its debts 'as early as June 1,' Treasury Secretary Janet Yellen wrote in a letter to Speaker Kevin McCarthy.
-- for the first time in history -- "as early as June 1," Treasury Secretary Janet Yellen wrote in a letter to House Speaker Kevin McCarthy and other top lawmakers on Monday.to increase or suspend the debt limit in a way that provides longer-term certainty that the government will continue to make its payments," Yellen wrote.and has been employing "extraordinary measures" since then to keep its bills paid, according to Yellen.
"It is impossible to predict with certainty the exact date when Treasury will be unable to pay the government's bills, and I will continue to update Congress in the coming weeks," she wrote on Monday. The House Republican majority has said they won't raise the limit further without a compromise from Democrats on spending and the government budget -- which President Joe Biden has rejected, saying the ceiling should be raised without strings attached, as has happened before.
With the potential June 1 deadline looming, the president called all four congressional leaders on Monday afternoon and invited them to a May 9 meeting on the debt limit, multiple sources familiar confirmed to ABC News.This is a developing story. Please check back for updates.Carolyn Kaster/AP
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Here’s What Treasury, Fed Might Do in a Debt Ceiling CrisisU.S. regulators have long insisted that financial institutions have contingency plans for potential crises. A potential crisis now looms: an unprecedented default on Treasury debt.
Read more »
UK Treasury Will Consult on DeFi Taxation: ReportThe proposed regulatory changes aim to reduce the 'administrative burden' for taxpayers.
Read more »
US Treasury to allow auction of shares in Citgo Petroleum's parentThe U.S. will not block a court auction of shares in oil refiner Citgo Petroleum Corp's (PDVSAC.UL) parent, Justice Department officials told a federal court, paving the way for a potential seizure by creditors of Venezuela's most-prized foreign asset.
Read more »
10-year Treasury yield ticks higher ahead of this week's Fed meetingTreasury yields are mostly higher to kick off the week and month on Monday
Read more »
U.S. Treasury seeks to calm fears after First Republic Bank failsResponsibility for the bank's assets and deposits has been taken over by JPMorgan Chase.
Read more »