Yellen reiterates warning of June 1 US debt default

US Treasury Secretary Janet Yellen said Monday that new data reinforced her previous warning of a possible US debt default on June 1 if Congress fails to raise the ceiling on borrowing.

"We still estimate Treasury will likely no longer be able to satisfy all of the government's obligations if Congress has not acted to raise or suspend the debt limit by early June, and potentially as early as June 1," she wrote in a letter to the Republican speaker of the House of Representatives, Kevin McCarthy.