The US may hit debt ceiling as early as June 1, US Treasury Secretary Yellen warns

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.