The US debt ceiling crisis could have dire consequences for American families, warns the Consumer Financial Protection Bureau. The federal government may run out of money on June 1 if Congress fails to act, says Treasury Secretary Janet Yellen. The Congressional Budget Office also warns of a “significant risk” of being unable to pay obligations during the first two weeks of June. A default could raise borrowing costs, including credit card and mortgage rates, as US debt is a critical benchmark for credit. US Treasuries are considered risk-free, so their rates have remained low.
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