Treasury secretary warns US could default on its debt as soon as June

The Treasury Department said Friday the US could default on its debt as soon as June, setting up one of the first major battles on Capitol Hill after Republicans took control of the House.

The US will reach the debt limit on January 19 and then “extraordinary measures” will need to be taken, Treasury Secretary Janet Yellen wrote in a letter to House Speaker Kevin McCarthy. She said that the Treasury Department will pursue those measures, but they will only last a limited amount of time.