White House press secretary Karine Jean-Pierre held a news briefingon Tuesday (2 May) as the deadline to raise the federal government’s $31.4 trillion debt ceiling looms.
According to treasury secretary Janet Yellen, the US could run out of cash by 1 June if Congress does not raise or suspend the limit.
If Congress fails, the government will not be able to borrow any more money.
In a letter to Kevin McCarthy, Ms Yellen said the treasury “will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.”
“It is impossible to predict with certainty the exact date when Treasury will be unable to pay the government’s bills.”
Joe Biden has called a meeting with the Republican House Speaker on 9 May to discuss the issue, which they have not done since February.
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