(CNBC) Treasury Secretary Janet Yellen on Sunday said that failure to raise the debt ceiling will cause a “steep economic downturn” in the U.S., and she reiterated her warning that the Treasury Department may run out of measures to pay its debt obligations by June. “Our current projection is that in early June, a day will come when we’re unable to pay our bills unless Congress raises the debt ceiling, and it’s something I strongly urge Congress to do.
Yellen warns of ‘economic chaos’ unless Congress raises the debt ceiling
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