Treasury Secretary Janet Yellen warned the U.S. could default on its financial obligations by early June, adding to the pressure on Washington negotiators.
Commerce Street Holdings President and CEO Dory Wiley joined ‘Varney & Co.’ to discuss the debt ceiling plan and its anticipated impact on the stock market.
Treasury Secretary Janet Yellen on Wednesday reiterated the U.S. government could run out of cash to pay its bills by early June, putting the country on a collision course for a potentially catastrophic default on its financial obligation. "It’s highly likely that we would run out of resources to meet all the government’s obligations in early June and possibly as early as June 1," Yellen said during a conference sponsored by the Wall Street Journal. "We no longer see very much likelihood that our resources will enable us to get to the middle or end of June."
Yellen's warning comes amid a prolonged standoff over the debt limit. Republicans, who control the House, have promised to raise the borrowing limit only in
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