Treasury Secretary Janet Yellen affirmed on Monday that the nation faces federal default as soon as June 1, dialing up pressure on Congress to strike a deal.
In her previous letter to lawmakers earlier this month, Yellen warned that the Treasury could run out of cash to stave off a federal default by early June if Congress did not raise or suspend the debt ceiling.
“We still estimate that Treasury will likely no longer be able to satisfy all of the government’s obligations if Congress has not acted to raise or suspend the debt limit by early June, and potentially as early as June 1,” Yellen wrote to leaders Monday.
Yellen’s letter comes as White House and congressional leaders struggle to strike an agreement to raise the federal borrowing limit.