New York (CNN Buisness) Treasury Secretary Janet Yellen warned lawmakers that the federal government will likely run out of cash and extraordinary measures by October 18 unless Congress raises the debt ceiling.
The new estimate from Yellen raises the risk that the United States could default on its debt in a matter of weeks if Washington fails to act. A default would likely be catastrophic, tanking markets and the economy, and delaying payments to millions of Americans.
"It is uncertain whether we could continue to meet all the nation's commitments after that date," Yellen wrote in a letter, adding the projection is based on estimated tax payments.
Previously, the Treasury Department estimated it would run out of cash and accounting maneuvers at some point in October.
The warning comes hours after Senate Republicans blocked a bill that would have suspended the debt limit.
Shakenbake80 on September 28th, 2021 at 18:52 UTC »
According to all the ads I see, the government should sign up for DraftKings, ton of money to be had there! Use promocode: insolvent
YungEazy on September 28th, 2021 at 17:11 UTC »
Should have put some money in a savings account in case of an emergency.
Reshish on September 28th, 2021 at 16:58 UTC »
A whole two years since the last shutdown, well done.