FX.co ★ Janet Yellen gives US debt default estimates

Amid speculation regarding the possible debt default in the US, Treasury Secretary Janet Yellen has pledged to provide Congress with information on its date within the next 2 weeks.

“I don’t want to be specific about when we do updates — when we think we have more information, but certainly within the next couple of weeks,” Yellen stated.

Earlier, the US Treasury Secretary estimated that the US government would run out of funds to meet its debt obligations in early June and added that there was still significant uncertainty over the exact date. She warned that the Treasury Department was running out of funds in an attempt to stave off the default.