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US could run short of cash by June 1

May 2, 2023

Washigton : : United States Secretary of the Treasury Janet L Yellen has warned Congress that the country could run out of cash to pay its bills by June 1.
In a letter to members of Congressional leadership regarding debt limit, Yellen said that the US will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.
This has prompted President Biden to invite House Speaker Kevin McCarthy to the White House to discuss raising the nation’s borrowing limit. The meeting is expected to take place on May 9 according to the New York Post.
Biden, 80, reached out to McCarthy, 58, to set a meeting with other lawmakers as the House speaker visited Jerusalem on Monday in celebration of Israel’s 75th anniversary, the White House said in a statement. Aside from McCarthy, Biden also reached out to Senate Majority Leader Chuck Schumer (D-NY), Senate Minority Leader Mitch McConnell (R-Ky.) and House Minority Leader Hakeem Jeffries (D-NY). Biden told them that he wants to discuss passing a clean debt ceiling bill, according to CNN.

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