Treasury secretary warns the US could default on its debt as soon as June of 2023

- The Treasury Department expects to begin taking “extraordinary measures” to continue paying the government’s obligations before June of this year - Yelle warns Congress to increase the debt Limit

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Janet Yellen, President- elect Joe Biden's nominee for Treasury Secretary, speaks in Wilmington, Del., in December. Yellen testified before the Senate Finance Committee on Tuesday.(DEMETRIUS FREEMAN/THE WASHINGTON POST/GETTY IMAGES)
Janet Yellen, President- elect Joe Biden's nominee for Treasury Secretary, speaks in Wilmington, Del., in December. Yellen testified before the Senate Finance Committee on Tuesday.(DEMETRIUS FREEMAN/THE WASHINGTON POST/GETTY IMAGES)

The Treasury Department expects to take “exceptional measures” to continue paying the government’s bills before what is expected to be a protracted battle to extend the borrowing limit.

“Failure to meet the government’s obligations would cause irreparable harm to the US economy, the livelihoods of all Americans, and global financial stability,” she wrote.

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