![]() ![]() and global economies.Ī report from the White House Council of Economic Advisors in October 2021 warned of the possible effects of the U.S. If the default lasts for weeks or more, rather than days, it could trigger a fire-and-brimstone, Armageddon-level financial crisis for the U.S. ![]() ![]() While negotiations between the parties continue, we all wait to see if the federal government runs out of money to pay its bills and defaults. Treasury’s cash and extraordinary measures would be sufficient to fund the government until June 15. ![]() The Congressional Budget Office released its own projections on May 12, which left more wiggle room: somewhere in the first two weeks of June. She warned of “catastrophe” in a May 11 news conference. “If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests,” Yellen wrote in the most recent letter. Yellen reiterated the same sentiments in another letter to Congress on May 15. Treasury Secretary Janet Yellen to Congress. The so-called “X-date” - when the federal government can no longer meet its legal obligations - could be as early as June 1, according to a May 1 letter from U.S. ( NerdWallet) – A few short weeks are left for Congress - or, perhaps, President Joe Biden - to take action and lift the debt ceiling before tick, tick, tick … boom goes the economy. ![]()
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