Key Points
In letters to Congress and warnings to business leaders about the catastrophic consequences if the United States defaults on its debt, Treasury Secretary Janet Yellen has repeatedly offered an important caveat...
The United States reached its statutory $31.4 trillion debt limit Jan. 19, forcing the Treasury Department - which borrows huge sums of money to pay the nation's bills - to begin using accounting maneuvers known as extraordinary measures to conserve cash and avoid breaching the cap...
On Monday, Yellen reiterated warnings that the Treasury Department could deplete its cash reserves by June 1. Still, the exact day when the United States will reach the so-called X-date is nearly impossible to determine...
When its cash balance runs painfully low - as was the case Wednesday, when the Treasury General Account started the day with less than $100 billion - pinpointing the X-date becomes even harder to predict..
At that time, Yellen would also have some additional extraordinary measures at her disposal - a suspension of investments into retirement funds for federal workers - that would allow her to unlock an additional $145 billion and potentially delay a default until well into July...
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