Yellen Says Nation Could Face Debt Default in Less Than Three Weeks

May 16, 2023

by Ben Zeisloft Daily Wire

Treasury Secretary Janet Yellen warned congressional leadership on Monday that the federal government could face a debt default in less than three weeks if an agreement on the debt ceiling is not quickly reached with President Joe Biden.

The debt ceiling, a policy that prevents the federal government from spending beyond a predetermined national debt limit of $31.4 trillion, surpassed the threshold earlier this year. Yellen said in her letter to lawmakers that the Treasury Department expects to default on obligations as early as June 1 unless the debt limit is either suspended or increased.