Yellen warns Congress of nearing US default

US could default in October

clock • 1 min read
US Treasury Secretary Janet Yellen

US Treasury Secretary Janet Yellen

US Treasury secretary Janet Yellen has urged Congress to raise the debt ceiling to avoid US default, warning the Treasury could run out of cash as early as October.

In a letter to the House, Yellen said that while it was difficult to give a specific estimate, the Treasury's cash supplies would "most likely" be exhausted at some point in October. This would result...

To continue reading this article...

Join Investment week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space

  • Get ahead of regulatory and technological changes affecting fund management

  • Important and breaking news stories selected by the editors delivered straight to your inbox each day

  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts

  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week


More on Markets

All the latest news, analysis and content about the Covid-19 outbreak

Coronavirus Blog: World Health Organisation says travel bans 'not effective'

Latest news and reaction

Investment Week
clock 20 January 2022 • 1 min read
Andrew Bailey questioned before Treasury Committee

Energy prices and labour supply threaten financial stability says Bank of England governor

Treasury Committee meeting addresses inflation

Georgie Lee
clock 19 January 2022 • 2 min read
Market Movers Blog: Oil prices hit seven year high

Market Movers Blog: Oil prices hit seven year high

Latest news and analysis

Investment Week
clock 19 January 2022 • 1 min read