Yellen warns Congress of nearing US default

US could default in October

clock • 1 min read
US Treasury Secretary Janet Yellen
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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...

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