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US may risk debt default as early as June 1, says Yellen ...Middle East
WASHINGTON: The United States could run out of money to pay its financial obligations – risking a catastrophic default – as early as the start of June, Treasury Secretary Janet Yellen said yesterday, as policymakers tussle over raising the debt ceiling.Last week, the Republican-led House of Representatives voted to lift the national borrowing limit, but only with drastic cuts as they sought a showdown with President Joe Biden, a Democrat, over what they see as excessive spending.Republicans were determined to muscle the Limit, Save, Grow Act through the lower chamber of Congress to strengthen their position in negotiations with Biden, who has refused to agree to spending cuts. But the act ha
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