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Wednesday, May 24, 2023
The clock is running out for lawmakers to lift the debt limit. Treasury Secretary Janet Yellen reiterated a warning Monday that it is "highly likely" the country will run out of cash to pay its debts in early June, potentially as soon as June 1.
"We have already seen Treasury’s borrowing costs increase substantially for securities maturing in early June," Yellen warned in a letter to congressional leaders. "If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests."
The debt ceiling,
which is currently around $31.4 trillion, is the legal limit on the
total amount of debt that the federal government can borrow on behalf of
the public, including Social Security and Medicare benefits, military
salaries and tax refunds. Read more and see video here.