The US government will default if Congress does not raise the $31.4 trillion debt ceiling by June 5.
Treasury Secretary Janet Yellen has set a June 5 deadline for raising the national debt limit, saying the government will default unless Congress raises the national debt ceiling to $31.4 trillion. Reuters writes about it.
function news4588605() {
$.get(‘//’ + window.location.host + ‘/ajax/module.aspx?spm_id=444&id=4588605&lang=2&IsAjax=true’, function (data) { $(‘#nk4588605’).html(data); });
}
news4588605();
He previously said a default could occur on June 1, but now lists June 5 as the exact deadline. The Treasury will not have enough resources to meet the government’s obligations unless Congress raises or suspends the debt limit by June 5.
In a letter to Congress, Yellen said the Treasury will make more than $130 billion in planned payments in the first two days of June, including to veterans, Social Security and Medicare recipients.
The Treasury Secretary also said the agency took an emergency cash management measure Thursday, swapping about $2 billion in Treasury securities between the State Employees and Disabled Retirement Fund and the Federal Financial Bank to avoid a potential default.
It will be remembered that now the threshold of the public debt of the United States is set at 31.4 trillion dollars. The country reached this limit in January 2023.
For the first time, the US national debt will exceed $30 trillion in January 2022.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.