Treasury Dept: US Can Only Pay Bills Through June 1st

May 22, 2023 Government, Republicans

The U.S. Treasury Department reiterated Monday it expects to be able to pay the U.S. government’s bills only through June 1 without a debt limit increase, leaving just 10 days for White House negotiators and congressional Republicans to reach a deal.

In her third letter to Congress in three weeks, Treasury Secretary Janet Yellen said it was “highly likely” that the agency will be unlikely to meet all U.S. government payment obligations by early June, and as early as June 1, without congressional action to raise the $31.4 trillion debt ceiling, which would trigger the first-ever U.S. default.

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Treasury confirms U.S. default as early as June 1 without debt ceiling hike https://t.co/99yy0ppTyL pic.twitter.com/sZhV3RXKca

— Reuters (@Reuters) May 22, 2023