The Treasury Secretary said that Congress should raise the debt ceiling or suspend the ceiling.


Washington: The United States Treasury Secretary Janet Yellen has warned that if the debt limit is not increased, the US will be bankrupt by June 1.
The Treasury Secretary said that Congress should raise the debt ceiling or suspend the ceiling.
“Our best estimate is that we will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1,” Yellen said in a letter to Speaker Kevin McCarthy and other congressional leaders from both parties.
Given that revenue and spending flows are variable, “the actual date that Treasury exhausts extraordinary measures could be a number of weeks later than these estimates,” she wrote.
On the other hand, in response to Ms Yellen's warning President Joe Biden will meet the members of Congress on May 9 to discuss fiscal issues and save the US from bankruptcy.
It is important to remember that Silicon Valley Bank and Signature Bank have gone bankrupt in America.

Pakistan Army actively conducting flood rescue and relief operations in Punjab, KP
- 10 hours ago

Trump’s immigration crackdown could be slowing the hunt for child predators online
- 13 hours ago
Pakistan’s monsoon misery: nature’s fury, man’s mistake
- 9 hours ago

Microsoft employee arrested at headquarters protest of Israel contracts
- 13 hours ago

Singer Taylor Swift engaged to football star Travis Kelce
- 16 hours ago

Living on Mars would suck
- 11 hours ago
“Unprecedented floods": controlled blast creates breach near Head Qadirabad on Chenab
- 12 hours ago
At least two dead, a dozen wounded in Minneapolis shooting: US media
- 6 hours ago

Apple’s three-year iPhone plan is a break from the boring
- 13 hours ago

5.3-magnitude quake sends tremors through Peshawar, Islamabad
- 6 hours ago

Gold prices continue to rise in Pakistan, global markets
- 12 hours ago

Trump can’t stop America from building cheap EVs
- 11 hours ago