U.S. Treasury Secretary Janet Yellen informed Congress on Monday that the U.S. is expected to reach the debt ceiling as early as June 1 if Congress does not raise or suspend the debt ceiling before June 1. Yellen urged Congress to "act as soon as possible" to resolve the $31.4 trillion statutory borrowing ceiling and protect full trust and credit in the United States. "We know from past debt-ceiling standoffs that waiting until the last minute to suspend or raise the debt ceiling could seriously damage business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the U.S. credit rating,” she said in the letter.


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