- The United States will hit the federal debt limit next week, and the Treasury will begin taking action to keep the government from defaulting on its debt, Treasury Secretary Janet Yellen announced.
- Federal debt is projected to reach the statutory limit next Thursday. In a letter to House Speaker Kevin McCarthy, Yellen said that the Treasury Department will take “extraordinary measures” to prevent the U.S. from defaulting on its obligations, but that the Treasury will only have a few months before those measures are exhausted.
- Yellen said that the temporary actions to prevent the country from defaulting would be sufficient to carry the U.S. through early June, setting up a rough deadline for a showdown in Congress, which now has a Republican-controlled House.
