Yellen reiterates U.S. could default on debt by early June

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The United States could default on its debt obligations as early as June 1, reaffirmed U.S. Treasury Secretary Janet Yellen in a letter to congressional leaders on Monday.

The Department of Treasury will likely no longer be able to satisfy all of the governments' obligations if Congress has not acted to raise or suspend the debt limit by early June, and potentially as early as June 1, said Yellen in the letter.