Yellen: The United States May Reach the Debt Default Point in August

US Treasury Secretary Janet Yellen said that she urged Congress to raise or suspend the US debt ceiling before the current debt ceiling suspension ends on July 31, otherwise the United States may default on debt as early as August.

Yellen said at the Senate Appropriations Committee hearing on Wednesday that if no action is taken, there will be “disastrous” economic consequences.

Yellen said in May that temporary measures to avoid breaching the debt ceiling may be exhausted this summer.