The government of The United States runs the risk of not being able to meet all of its financial obligations as of June 1 if Congress does not raise or suspend the limit for the debt ceiling, as warned by the US Treasury Secretary, Janet Yellen.

“We will not be able to continue to meet all government obligations in early June, and possibly as soon as June 1, if Congress does not raise or suspend the debt limit before that date,” warns the head of the US Treasury. in a Letter sent to the Speaker of the House, Kevin McCarthy.

In this sense, Yellen stresses that her estimate is based on currently available data, since federal revenues and expenditures are inherently variable, and the actual date on which the Treasury will exhaust the established extraordinary measures “could be several weeks later than these estimates”.

“It is impossible to predict with certainty the exact date on which the Treasury will not be able to pay government bills,” acknowledges the economist, although, given current projections, For the Secretary of the Treasury “it is imperative that Congress act as soon as possible” in a way that provides certainty in the longer term that the Government will continue to meet its payments.

“We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious damage to business and consumer confidence, increase borrowing costs in the short term for taxpayers and negatively affect the credit rating of the United States,” says Yellen.

In this sense, the former president of the United States Federal Reserve warns that if Congress does not raise the debt limit, it would cause serious hardship for American familieswould damage the country’s global leadership position and cast doubt on its ability to defend its national security interests.