U.S. Treasury Sets Debt Default Deadline

The U.S. Treasury Department confirmed on Monday that it will be unable to pay U.S. government bills after June 1 unless the debt ceiling is raised, giving congressional Republicans and White House negotiators only ten days to reach an agreement. Treasury Secretary Janet Yellen stated in her third letter to Congress in three weeks that it is "very likely" the department will be unable to meet all U.S. government obligations by early June, which would result in the U.S. defaulting for the first time in its history. She added, "A decision on the debt ceiling must be reached by June 1."