Treasury Secretary Janet Yellen notified Congress today that the United States is expected to hit its borrowing limit on June 1 if lawmakers do not raise or suspend the debt limit before then.
In a letter to House and Senate leaders, Yellen urged Congress to “protect the full faith and credit of the United States by acting as soon as possible” to change the $31.4 trillion limit on its statutory borrowing authority.
“We have learned from previous impasses on the debt limit that waiting until the last minute to suspend or increase the debt limit can seriously damage business and consumer confidence, raise short-term borrowing costs for taxpayers and negatively impact America’s credit rating,” he said in the letter.
