U.S. Treasury Secretary Warns of Government Bankruptcy Risk

Warning from the U.S. Treasury Secretary about the risk of government bankruptcy

According to Janet Yellen, the U.S. Treasury Secretary, the government of this country will face the risk of being unable to meet its financial obligations starting in June.

The U.S. Treasury Secretary wrote in a letter to Kevin McCarthy, the Republican leader in the U.S. House of Representatives, and other senior politicians of the party that if Congress does not increase or eliminate the debt ceiling, the government will no longer be able to meet all its financial obligations in the coming weeks or possibly from the first day of June. Therefore, Congress must act swiftly in this matter.

The dispute between Republicans and Democrats over the government debt ceiling has intensified in recent months. The U.S. government reached the set debt ceiling in mid-January of this year. The debt ceiling is officially set at 31.4 trillion dollars.

However, the U.S. government has managed to meet its financial obligations by implementing a series of measures.