Yellen says US could default as soon as June 1


Treasury secretary Janet Yellen says the country could reach its debt limit as soon as June 1st. Yellen sent a letter to House and Senate leaders urging them to protect the full faith and credit of the United States by acting as soon as possible in February, Yellen said if the debt limit is not raised, mortgage car loan and credit card bills would rise, credit markets would deteriorate. And on top of that, it's unlikely that the federal government would be able to issue payments to millions of Americans, including our military families and seniors who rely on social security. Yellen warned lawmakers not to wait until the last minute. In January, Yellen said her department started resorting to what she called extraordinary measures to avoid a federal government default. Ed Donahue Washington

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