Yellen warns about cash

While no concrete results came out of the critical talks on the debt limit in the U.S., U.S. Treasury Secretary Yellen warned that the department could run out of “sufficient cash” by early June. U.S. Treasury Secretary Janet Yellen said that under the current circumstances, it is likely that her department will not have sufficient cash by early June and reiterated her call for an agreement on the debt ceiling before June 1. “I am writing to express our belief that if Congress does not act to raise or suspend the debt limit in early June and potentially by June 1, the Treasury will no longer be able to meet the government’s obligations,” Yellen said in a letter to lawmakers on Monday. In her statement last week, Yellen predicted that the Treasury could meet its obligations without exceeding the debt ceiling by early June by using special accounting measures. Economists at Goldman Sachs Group Inc. predicted that the Treasury’s cash levels would reach a critical threshold on June 8 or 9. The economists' report predicted that the default could occur at any time after these dates. On Monday, US President Joe Biden met with House Speaker Kevin McCarthy. Later, both names stated that the meeting was productive.