US Could Run Out Of Cash By June 5
By Stefan J. Bos, Chief International Correspondent Worthy News
WASHINGTON (Worthy News) – U.S. Treasury Secretary Janet L. Kellen said Friday that the United States could run out of money to pay its bills on time by June 5, which would be the nation’s first default in U.S. history.
Kellen’s warning came as congressional leaders tried to reach a deal to raise or suspend the debt limit.
The announcement gave a tiny bit of wiggle room from the June 1 date that had been assumed was the so-called X-date.
Yet Yellen’s letter underscored mounting concerns as the White House and House Republicans have struggled to agree on a deal to lift the nation’s whopping $31.4 trillion borrowing cap and prevent the United States from defaulting on its debt.
The Treasury Department hit the debt limit on January 19.
It has since been employing accounting maneuvers to ensure the United States can continue paying its bills on time.
A U.S. default could have global implications and raise more doubts about the U.S. dollar’s future as the world’s reserve currency.
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