US Treasury Secretary Janet Yellen has warned that the US may run out of cash by June 1 if Congress fails to raise or suspend the debt ceiling, BBC reported today.
Reaching the debt ceiling would mean that the government is unable to borrow any more money.
On Monday, Ms. Yellen urged Congress to act “as soon as possible” to address the $31.4tr (£25.12tr) limit.
President Joe Biden has called a meeting of congressional leaders on the issue on May 9.
The debt ceiling has been raised, extended or revised 78 times since 1960.
