Treasury Secretary Janet Yellen on Monday warned Congress that it must approve a deal to raise the debt ceiling by June 1 or risk a national default.
The U.S. hit its $31.38 trillion spending limit in January, prompting Yellen to implement “extraordinary measures” to keep the government operating.
She had previously indicated the government was prepared to keep paying its expenses into early June, but her warning Monday accelerated the timetable to avert a default.
The GOP-led House last week passed a combination spending bill/ plan to raise the debt ceiling, which the White Hose says President Biden will reject.