Treasury Secretary Janet Yellen has informed Congress that the U.S. could reach its debt limit as soon as June 1 if the debt limit is not raised by that time. Yellen has urged Congress “to protect the full faith and credit of the United States by acting as soon as possible” in addressing the current $31.4 trillion debt limit. But even as Yellen is urging Congress to act, her own department is moving to borrow $449 billion more than projected in January due to lower than expected tax income and higher spending. The Biden Administration and Democrats are seeking to raise the debt ceiling without limit or reduction in spending, while a GOP proposal would raise the debt limit but cut spending. Biden said the GOP plan favors the oil and gas industry while hurting families.
