Treasury Secretary: "Highly Likely" US To Run Out of Cash by June
U.S. Treasury Secretary Janet L. Yellen is once again warning Congress of the looming US default. According to her, it is now “highly likely,” that the US will run out of cash by June, stopping it from paying its debt. JUST IN: Treasury Secretary Yellen says it's now "highly likely" the US will run out of cash by early June. — Watcher.Guru (@WatcherGuru) May 22, 2023 President Biden and Speaker McCarthy are currently locked horns over the looming debt crisis, looking to resolve the current impasse. Representatives from both sides have been drafting ideas over the past week to cap federal spending while reducing the deficit. At the same time, both hope to raise the $31.4 trillion borrowing cap. In her letter, Secretary Yellen warns: “With an additional week of information now available, I am writing to note that we estimate that it is highly likely that Treasury will no longer be able to satisfy all of the government’s obligations if Congress has not act...