US could default on its debt as soon as June 1 if Congress doesn’t act, Yellen says

Originally Published: 01 MAY 23 16:45 ET

By Tami Luhby, CNN

    (CNN) — The US could default on its obligations as soon as June 1 if Congress doesn’t address the debt limit before then, Treasury Secretary Janet Yellen said Monday.

“After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time,” Yellen wrote in a letter to House Speaker Kevin McCarthy.

This story is breaking and will be updated.

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