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Treasury Secretary Janet Yellen listens during an open session of a Financial Stability Oversight Council meeting at the Department of the Treasury on April 21, 2023, in Washington. Alex Wong/Getty Images
The United States could default on its financial obligations as early as June 1 unless Congress takes action to raise the nation’s $31.4 trillion debt ceiling, according to Treasury Secretary Janet Yellen.
Yellen announced the news in a letter to House Speaker Kevin McCarthy (R-Calif.) on May 1.
