US Treasury Secretary Janet Yellen warned that failure to raise the debt ceiling would cause a sharp economic contraction in America.
“Our current projections are that at the beginning of June, we will be unable to pay our bills unless Congress raises the debt ceiling, something I strongly urge Congress to do.”
This is the second time Janet Yellen has warned that America could default early next month. In a letter to the House of Representatives, she asserted that those estimates are based on currently available data, as federal revenues and expenses are variable, and the actual date when the Treasury will exhaust extraordinary measures may be several weeks after those estimates.
Source: (CNBC Arabic Website, Edited)
