Treasury Secretary Janet Yellen has confirmed to congressional leaders that the deadline to pass a debt ceiling increase and avoid the United States defaulting on its obligations is early June.
In a letter to House Speaker Kevin McCarthy , Yellen doubled down on her previous prediction that the U.S. could default as soon as June 1 without an increase in the debt ceiling being agreed to.
Yellen also stressed the importance of raising the debt ceiling, saying it would"cause severe hardship" to citizens if the U.S. defaults on its debts.
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