Yellen says US will run out of money by June 5 if debt ceiling not raised

So, I came across an article that claims the United States will run out of money by June 5 if the debt ceiling isn’t raised. Crazy, right? Basically, the Treasury Secretary, Janet Yellen, testified before Congress and warned that the U.S. government will soon be unable to pay all of its bills unless lawmakers raise the debt ceiling. This means that the U.S. will be unable to pay its obligations, like funding essential services, paying salaries of government workers, and even interest on its debt. And from what I gathered, the debt ceiling hasn’t been increased since 2019, which may have exacerbated this issue.

Personally, I think this is a major concern because it could have ripple effects on the economy. Government shutdowns have already occurred in the past, and this could potentially lead to another one. And as someone who recently graduated from college and is making their way in the world, this is a bit disconcerting.

But, on the bright side, Yellen also suggested that increasing the debt ceiling doesn’t actually raise the amount of debt the government incurs, rather it just allows the government to pay for expenses that have already been approved by Congress. So, it’s not necessarily a matter of spending more money; it’s a matter of being able to pay for what has already been spent.

All in all, this is definitely a topic worth keeping an eye on. It’s important to stay informed about our government’s financial situation and how it can potentially impact our daily lives. Let’s hope lawmakers can come to an agreement to avoid any potential financial crisis.