“I indicated in my last letter to Congress that we expect to be unable to pay all of our bills in early June and possibly as soon as June 1. And I will continue to update Congress, but I certainly haven’t changed my assessment. So I think that that’s a hard deadline,” Yellen said during an interview on NBC’s “Meet the Press.” Yellen’s warning came hours after President Joe Biden delivered a grim assessment on the state of negotiations during his remaining hours in Japan.
“Something that greatly concerns me is that they have even been in favor of removing funding that has been provided to the Internal Revenue Service to crack down on tax fraud,” she said. Yellen agreed with the president’s assessment that invoking the 14th Amendment, “doesn’t seem like something could be appropriately used in these circumstances,” given the legal uncertainty and time frame.
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