Yellen: US Will Be Out Of Money In October If Congress Doesn’t Raise Debt Ceiling

Treasury Secretary Janet Yellen warned congressional leaders Wednesday that the U.S. is on track to default on its debt sometime in October if Congress fails to raise the debt ceiling.

Yellen said the Treasury would likely run out of cash in the coming weeks and exhaust its “extraordinary” spending measures to keep the country within its legal borrowing limit.

“Once all available measures and cash on hand are fully exhausted, the United States of America would be unable to meet its obligations for the first time in our history,” Yellen wrote in a letter to Democratic and Republican leadership and the chairs and ranking members of several top committees.