Yellen says US could hit debt ceiling as soon as June 1

The Associated Press

WASHINGTON (AP) – Treasury Secretary Janet Yellen has notified Congress that the U.S. is projected to reach its debt limit as early as June 1, if the body does not raise or suspend the debt limit before then.

In a letter Monday to House and Senate leaders, Yellen urged Congress “to protect the full faith and credit of the United States by acting as soon as possible” to address the $31.4 trillion limit on its legal borrowing authority.

Treasury also said Monday it plans to increase its borrowing during the April to June quarter of this year.

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5/1/2023 3:54:51 PM (GMT -5:00)