BREAKING NEWS: Yellen sets date when government could run out of money
Fox News’ congressional correspondent Chad Pergram details the ongoing debt negotiations as the default deadline looms.told Congress Friday that the U.S. government is now expected to run out of cash to pay its current obligations by June 5, updating her previous estimate that said the day could come as early as June 1.
Yellen said she was forced to tap into an extraordinary measure not invoked since 2015 to ensure the government has enough cash on hand to operate. She outlined a series of payments that the government wants to make on time in the June 5 week, but may not be able to without an agreement to borrow more.
Yellen has sent several letters to Congress warning about the potential economic calamity that could come from failing to raise the debt limit before the U.S. government runs out of cash to pay its obligations.
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