"Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government's obligations if Congress has not raised or suspended the debt limit by June 5," sheYellen's new estimate contains more specificity than her earlier guidance."By June 5," she said in Friday's letter, whereas her last two letters to Congress suggested a little more uncertainty —"as early as June 1" was the phrasing she used.
"We will make more than $130 billion of scheduled payments in the first two days of June, including payments to veterans and Social Security and Medicare recipients. These payments will leave Treasury with an extremely low level of resources," Yellen wrote.
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