Yellen urges McCarthy to act ‘as soon as possible’ on debt

(NewsNation) — In a new letter, U.S. Secretary of the Treasury Janet Yellen is urging House Speaker Kevin McCarthy to act “as soon as possible” on the debt ceiling, since she writes the Treasury may run out of funds by June.

“I am writing to note that we estimate that it is highly likely that Treasury will no longer be able to satisfy all of the government’s obligations if Congress has not acted to raise or suspend the debt limit by early June, and potentially as early as June 1,” Yellen said in the letter.

Yellen said her estimate could vary and is based on federal receipts, data and outlays.