The United States is in danger of bankruptcy

Treasury Secretary Janet Yellen

Treasury Secretary Janet Yellen said that if Congress does not increase the debt limit from 31.4 trillion by June 5, the US government will default. 

This information was found in the reports of Reuters and Anadolu Agency.

According to reports, US Treasury Secretary Janet Yellen told Republican leaders in the House of Representatives on Friday (May 26) that the government will default if Congress does not raise the debt ceiling from $31.4 trillion by June 5.

Earlier he said that a solution should be reached on this issue by June 1. But now he says June 5 is the last time. If the issue is not resolved now, the United States will be bankrupt.

Regarding the default of the US government, Janet Yellen said, "We have calculated that if Congress does not raise or suspend the debt ceiling, the US Treasury Department will not be able to meet government spending after June 5."

Who is Janet Yellen?

Janet Yellen is an American economist and policymaker who has served as the United States Secretary of the Treasury. She was sworn in as the 78th Secretary of the Treasury on January 26, 2021, making her the first woman to hold this position in the history of the United States.

Before becoming Treasury Secretary, Janet Yellen had an extensive career in academia and public service. She served as the Chair of the Federal Reserve from 2014 to 2018, becoming the first woman to hold that position as well. During her tenure as the Chair of the Federal Reserve, Yellen played a key role in guiding the U.S. economy through the aftermath of the 2008 financial crisis.

As Treasury Secretary, Janet Yellen is responsible for overseeing the nation's economic and financial matters. Her role includes formulating and implementing economic policies, managing the Treasury Department's operations, and advising the President on economic issues. Yellen has focused on addressing income inequality, promoting sustainable economic growth, and ensuring financial stability.

Janet Yellen's expertise and experience in economics and policymaking have made her a highly influential figure in the field. She has advocated for policies aimed at reducing economic disparities, supporting job creation, and strengthening financial regulations. Yellen's leadership and contributions have had a significant impact on shaping the economic landscape of the United States.