Yellen Warns US Could Default by June 1 If Debt Limit Not Raised

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.