In a letter to Congress, Treasury Secretary Janet Yellen warned of the repercussions of the U.S. failing to raise the debt ceiling within the month. See potential bias and similarities in coverage from WashTimes, AP, and thehill:
Treasury Secretary Janet Yellen sent a letter to Congress warning that the federal government may be unable to pay its outstanding obligations as soon as June 1 if the debt ceiling is not raised.
” Yellen also warned Congress of the potential harm of a drawn-out debt ceiling debate, stating, “We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.”that would raise the debt ceiling by $1.5 trillion or through March 2024 in exchange for $4.8 in spending cuts.
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