The secretary of the United States Treasury, Janet Yellen, has said the government will run out of funds to cover its financial obligations by June 5 if the current spending limit of $31.4 trillion is not raised before then.Yellen’s announcement, which came in the form of a letter to the US Congress on Friday, pushes back the deadline for a potential default from an earlier estimate that the Treasury could run out of cash as soon as June 1.“During the week of June 5, Treasury is scheduled to make an estimated $92 billion of payments and transfers,” which includes a nearly $36bn quarterly adjustment towards Social Security and Medicare trust funds, Yellen wrote in the letter.
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