She presses Congress to strike a deal.
Treasury Secretary Janet Yellen wrote another letter to Congress this week, reaffirming that the federal government could run out of money as soon as June 1 without a debt ceiling increase.
“We still estimate that Treasury will likely no longer be able to satisfy all of the government’s obligations if Congress has not acted to raise or suspend the debt limit by early June, and potentially as early as June 1,” Secretary Yellen wrote. Congress has not yet drafted a budget to vote on for the 2024 fiscal year. The parties have been in a deadlock, with neither side showing signs of headway.
Though Secretary Yellen has re-emphasized this potential deadline, she noted that the Treasury Department has a number of steps they can take to extend 2023 funding. If the Treasury takes these measures, the date the government actually runs out of money “could be a number of days or weeks later than these estimates.”
As the Lord Leads, Pray with Us…
- For Secretary Yellen as she manages the financial obligations of the U.S. government.
- For the president and congressional leaders as they negotiate the debt ceiling.
Sources: Reuters, The Hill
