Treasury Secretary Janet Yellen notified Congress on Monday that the U.S. is projected to reach its debt limit as early as June 1, if the body does not raise or suspend the debt limit before then.

In a letter to House and Senate leaders, Yellen urged Congress “to protect the full faith and credit of the United States by acting as soon as possible” to address the $31.4 trillion limit on its legal borrowing authority.

Lawmakers have until June 1 to raise the nation’s debt ceiling, Treasury Secretary Janet Yellen wrote in a letter to congressional leaders on Monday.

Yellen told lawmakers she expects the U.S. to no longer be able to pay all of its outstanding obligations by as early as June 1, ramping up pressure on Congress and the White House to come to an agreement.

U.S. Treasury Secretary Janet Yellen urged members of the U.S. House of Representatives on Friday to raise the federal debt ceiling without conditions, warning that a default on U.S. debt would cause "economic and financial collapse."

Yellen, in budget testimony before the Republican-controlled House Ways and Means Committee, said that failure to increase the $31.4 trillion borrowing cap would threaten the economic progress that the U.S. has made since the COVID-19 pandemic.

The way to ensure the government can keep paying its bills is to raise or suspend the debt limit, Treasury Secretary Janet Yellen told lawmakers Friday — not prioritize payments, as some Republicans have proposed.

"In my assessment and those of economists across the board, a default on our debt would trigger an economic and financial catastrophe," Yellen said. "I urge all members of Congress to come together to address the debt limit without conditions and without waiting until the last minute."

Treasury Secretary Janet Yellen said on Friday the U.S. banking system "remains resilient" after U.S. regulators seized the assets of Silicon Valley Bank, roiling global financial markets and setting investors on edge.

Yellen met with officials from the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency on Friday to discuss developments surrounding SVB, according to a statement from the Treasury Department. 

U.S. Treasury Secretary Janet Yellen made a surprise visit to Ukraine Monday, in which she reaffirmed America's support for the country and announced $1.25 billion in economic aid for things like schools and hospitals.

The money is the first part of a new $9.9 billion package of civilian aid for Ukraine as its war with Russia enters a second year.

The Treasury Department started taking so-called extraordinary measures to keep paying the federal government’s bills as the U.S. hit its debt limit Thursday, Treasury Secretary Janet Yellen said.

The US hit the debt ceiling set by Congress on Thursday, forcing the Treasury Department to start taking extraordinary measures to keep the government paying its bills and escalating pressure on Capitol Hill to avoid a catastrophic default.

The U.S. hit its debt limit on Thursday, forcing the Treasury Department to begin deploying a series of emergency moves so that the government can continue to pay its bills. 

In a letter to Congress, Treasury Secretary Janet Yellen said the department will start using so-called "extraordinary measures" to prevent the U.S. from defaulting on its obligation.