The U.S. could fail to meet its debt obligations sooner than expected, Treasury Secretary Janet Yellen warned in a letter to House Speaker Kevin McCarthy.
Yellen said a drop in tax receipts meant the U.S. could hit its debt ceiling as soon as June 1, earlier than Wall Street and Washington had estimated.
This date is earlier than Wall Street economists were expecting. Goldman Sachs’ latest estimate this week put the deadline at some point in late July, though the bank’s economists acknowledged that weaker-than-expected tax receipts could advance that timeline.
The first entry is always the pin's source. Overall confidence is a weighted average of how firmly each reference supports the start and end times used above; a reference counts half as much for every 180 days older than the newest.
Happened as dated, per cnbc.com: "…nge, analysts wrote, "once the Treasury announces a specific deadline for Congress to raise the debt…"
The page could not be fetched, but the New York Times' own headline reports Yellen expecting the Treasury to run out of cash "by June 5" - a slightly later date than the pin's stored June 1, 2023 - published May 26, 2023 as the estimate narrowed.[1]
The page could not be fetched (451 Unavailable For Legal Reasons), but CNN's own headline, "US may default on debt as soon as June 1, Yellen reaffirms," directly names the pin's stored June 1, 2023 date, published May 15, 2023.
Something missing or wrong? Say it in your own words: a link that backs this pin up, a different start or end date and why, or a fact it lacks or gets wrong. The AI checks it against this pin's sources, searches for better ones, and adds any page that backs you up. The pin's own sources still count most.
Probability for another 25bps hike in June doubled today pic.twitter.com/OWDq1ceIEx
— Jay Cal (@Jay__Cale) May 8, 2023
The increase is the 10th straight interest-rate hike since last March in what has been the most aggressive rate-hiking regime since the 1980s.
