US Debt Default Looms: Yellen Sets June 5 Deadline


US Treasury Secretary Janet Yellen has issued a new warning regarding the US debt default deadline, now updating it to June 5. In a letter addressed to Republican House Speaker Kevin McCarthy, Yellen stated that based on the latest data, the Treasury will not have enough resources to meet the government's obligations if Congress fails to raise or suspend the debt limit by June 5. This update comes as the United States faces the imminent risk of a catastrophic default if the debt ceiling is not lifted. The pressure is mounting on Congress to find a bipartisan solution and avert a potential financial crisis.

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