The US government risks running out of money as soon as June 1, Treasury secretary Janet Yellen warned in a letter to congressional leaders on Monday, as US President Joe Biden invited Republican Speaker of the House Kevin McCarthy to the White House next week amid growing concerns that Washington is careening towards a debt ceiling crisis.
“After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time,” Yellen wrote.
She said that the Treasury estimate was based on the latest available data on tax receipts, although it was “impossible to predict with certainty the exact date when Treasury will be unable to pay the government’s bills”.