**Source: **Financial Association

Edited by Huang Junzhi

U.S. Treasury Secretary Janet Yellen said on Sunday that the U.S. is unlikely to be able to pay its bills until mid-June, underscoring the urgency of reaching a deal between the White House and Republicans to raise the debt ceiling.

She said on a show that while a new wave of taxes is expected to be in place soon, which may give Washington more time to negotiate, "the probability of paying all the bills by June 15 is pretty low."

Yellen has previously said the U.S. could lose its ability to pay all of its bills as early as June 1, putting the country at risk of a catastrophic default. While taxes are expected to be paid in mid-June, whether they will be paid on time is a question, she said.

Biden and McCarthy have been deadlocked since January over raising the U.S. government's $31.4 trillion debt limit. Since then, the U.S. Treasury Department has been deploying special accounting measures to keep the debt within the legal limit.

With a U.S. debt default looming, U.S. President Joe Biden and Congressional Republican leader McCarthy said on Sunday (21st) that the two sides will meet again on Monday to discuss the debt ceiling. Both sides accused the other of making unreasonable demands, and Biden reiterated on Sunday that compromises would have to be made on both sides to reach a deal, and that he was willing to adjust taxes while cutting spending.

Some analysts said the deadlock over the debt ceiling could put more pressure on the U.S. economy, which is already vulnerable to recession after a series of interest rate hikes by the Federal Reserve. Economists have warned that a U.S. default could trigger a market sell-off, spike borrowing costs and hit the global economy on a scale comparable to the 2008 crisis.

Yellen is expected to brief Congress again this week on how long the U.S. has before it risks running out of money. She has repeatedly pressed for a deal that avoids default.

U.S. government revenue has fallen to its lowest level in nearly a year-and-a-half, suggesting the window to resolve a bipartisan impasse over the debt ceiling is narrowing. The U.S. Treasury Department revealed on Friday that all but the roughly $92 billion in authorized special measures had been spent as of May 17.