Political and Legislative

The Treasury Secretary Warns Congress That the U.S. Will Default on Debt in Three Weeks

Treasury Secretary Janet Yellen warned congressional leaders of both parties on Tuesday that lawmakers have until Oct. 18 to raise or suspend the debt limit before the United States is expected to default on the national debt.

“At that point, we expect the Treasury would be left with very limited resources that would be depleted quickly. It is uncertain whether we could continue to meet all the nation’s commitments after that date,” Yellen wrote.

While Yellen called the date the agency’s “best estimate” as of now, she noted “the federal government’s cash flows are subject to unavoidable variability.”

Read the source article at The Hill

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