The United States which is known as the world’s most powerful country economically, politically and militarily is facing a critical moment as it approaches the debt ceiling deadline . This ongoing debate over the debt ceiling has raised concerns about the possibility of a default something the country has never experienced before .
US Treasury Faces Payment Challenges as Debt Ceiling Deadline Approaches
With less than $50 billion in cash for payments the US Treasury is racing against the clock to reach a debt ceiling agreement by June 1 . Failure to do so would lead to a default as the government would be unable to make payments on June 15 . Treasury Secretary Janet Yellen had warned about this situation weeks ago and she stressed the urgent need for a resolution to avoid potential financial repercussions .
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