The Treasury Department now believes the nation could default on its debts as early as one month from Monday, according to a new letter Sec. wrote to . 'In my January 13 letter, I noted that it was unlikely that cash and extraordinary measures would be exhausted before early June. After reviewing recent federal tax receipts, our best estimate is that we will be unable to satisfy all of the government's obligations by early June, and potentially as early as June 1,' Yellen wrote. Just after Yellen's letter was made public Punchbowl News reported that President Biden had called McCarthy's team to set up a meeting on how to move forward with the nation's $31.4 trillion borrowing limit, three months after their last meeting.
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