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Yellen warns of US default as of June 5


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US Treasury Secretary Janet Yellen warned Friday that the United States may default on payments as of June 5, in updated estimates after she previously indicated that this could happen on the first of the month.

“Based on the most recent data, we estimate that Treasury resources will not be sufficient to meet government obligations if Congress does not raise or suspend the public debt ceiling by June 5,” Yellen wrote to Republican House Speaker Kevin McCarthy.