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President Joe Biden has been urged by US Treasury Secretary Janet Yellen to increase or postpone the debt ceiling in order to avert a potential liquidity crisis.

In a letter on Monday, Yellen stated that the US Treasury won’t be able to continue to “satisfy all of the government’s commitments by early June. It is impossible to forecast with certainty the exact day when Treasury would be unable to pay the government’s debts.

On May 9, the President convened a meeting to consider this matter. Since 1960, the debt ceiling has increased or altered 78 times.

In reference to the prior crisis, Yellen stated: “Waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.”

Yellen continued, “If Congress won’t raise the limit, this situation may result in significant hardship for American families, harm the nation’s position as a global leader, and raise concerns about the US’ capacity to defend its national security interests.”

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