Washington, May 15 – US Treasury Secretary Janet Yellen, in a letter to congressional leaders, confirmed the US default date of June 1 and called for an immediate increase in the national debt ceiling.
“The Ministry of Finance is most likely, by the beginning of June, and perhaps as early as the first of June, it will not be able to assume all government obligations,” the Minister of Finance said in a speech.
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Yellen added that she urges Congress to protect the creditworthiness of the United States by raising the national debt ceiling immediately.
The US Treasury notified Congress back in January to initiate “extraordinary measures” regarding the estimated achievement of the $31.381 trillion national debt ceiling. The White House is calling on Congress to raise the ceiling without any restrictions, and the House of Representatives, which is controlled by the Republican opposition, links the move to spending cuts. Meanwhile, US Treasury Secretary Janet Yellen warned that without a decision on the national debt, the government will not be able to continue to meet all its obligations, possibly by June 1.
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