According to a recent report from CNN, the U.S. Treasury Department announced that they would likely run out of money by next month.
The Treasury Dept. Secretary Janet Yellen released a statement warning Congress that the federal government was on the brink of running out of money, which is likely not to last past October 18, 2021.
In the statement, Yellen said, “It is uncertain whether we could continue to meet all the nation’s commitments after that date.” If the debt ceiling isn’t increased on or before that date, then Americans may not receive their expected government payments on time.
When emphasizing the importance of the deadline, Yellen stated, “It is important to remember that estimates regarding how long our remaining extraordinary measures and cash may last can unpredictably shift forward or backward. This uncertainty underscores the critical importance of not waiting to raise or suspend the debt limit. The full faith and credit of the United States should put at risk.”
This news comes just hours after Senate Republicans blocked a bill that would’ve suspended the debt limit.