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Topline
The U.S. Treasury stands to run out of cash as soon as early June if the debt limit isn’t lifted in the coming months, Treasury Secretary Janet Yellen warned Friday as she urged lawmakers to take action on an issue that experts believe will drag on throughout the year, potentially harming the economy and even risking a historic U.S. debt default.
Key Facts
In a Friday letter to the House, Yellen said the nation’s debt is projected to reach its statutory limit of roughly $31.4 trillion on January 19, forcing the Treasury to start taking “extraordinary measures” to help pay for the government’s operations and prevent the United States from defaulting on its debt obligations.
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