Treasury Secretary Janet Yellen updated her guidance Monday on when the United States could run out of money to pay the bills, warning congressional leaders that the nation could default as soon as June 1.
White House and congressional leaders only recently started negotiating over the debt limit, but a deal has not yet been reached, and now that June 1 date is just two weeks away.
She told lawmakers that there's a large degree of uncertainty in her projection because the nation's cash flow"could vary" from the estimates the department has made, based on receipts, outlays and debt. The Treasury Department has been using so-calledto help pay the bills since the U.S. hit the $31.4 trillion debt ceiling in January.
Even the threat of default is having an impact. Yellen noted Treasury has already seen borrowing costs"increase substantially" for securities maturing in early June. Tuesday to discuss the debt limit, a day before Mr. Biden is scheduled to leave for Japan. He spoke with them at the White House last week, but a second meeting on Friday was scrapped while talks continued at a staff level
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