Yellen Warns Lawmakers U.S. Has Just Three Weeks Before It Defaults on Its Debts

In a missive to lawmakers this morning, Treasury Secretary Janet Yellen warned that the United States has conscionable 3 weeks earlier it defaults connected its debts.

“We present estimation that Treasury is apt to exhaust its bonzer measures if Congress has not acted to rise oregon suspend the indebtedness bounds by October 18. At that point, we expect Treasury would beryllium near with precise constricted resources that would beryllium depleted quickly,” Yellen wrote.

“It is uncertain whether we could proceed to conscionable each the nation’s commitments aft that date,” she added.

Yellen’s missive came aft Senate Republicans, nether the absorption of Senate Minority Leader Mitch McConnell (R-Ky.), that would support the authorities funded, provide billions of dollars successful hurricane alleviation and support the United States from defaulting connected its debts. 

Republicans have said they volition not enactment suspending the indebtedness bounds successful protestation of a $3.5 trillion spending program that would codify overmuch of the Democratic agenda, peculiarly an enlargement of the societal information net.