US Treasury Says Government May Default on Debt as Early as June

 US Treasury Secretary Janet Yellen sent a letter to Republican House Speaker Kevin McCarthy warning him that the federal government could hit its spending limit by June 1 if Congress does not raise the debt ceiling.

In the letter published on Monday, Yellen said available data points to early June as the period when the government will no longer be able to cover its expenses should Congress fail to raise the limit before then, Al Jazeera reported.

“Given the current projections, it is imperative that Congress act as soon as possible to increase or suspend the debt limit in a way that provides longer-term certainty that the government will continue to make its payments,” the letter reads.