US Treasury says country will run out of cash in 3 weeks

Washington (QNN)- US Treasury Secretary Janet Yellen warned representatives that the federal government will likely run out of cash and extraordinary measures by October 18 unless Congress raises the debt ceiling.
If that happens, the country could go into default for the first time in US history. A default would likely be catastrophic, tanking markets and the economy, and delaying payments to millions of Americans.
“It is uncertain whether we could continue to meet all the nation’s commitments after that date,” Yellen wrote in a letter, adding the projection is based on estimated tax payments.
Previously, the Treasury Department estimated it would run out of cash and accounting maneuvers at some point in October.
The warning comes hours after Senate Republicans blocked a bill that would have suspended the debt limit.
It also comes only one week after the House of Representatives voted overwhelmingly to give $1 billion to ‘Israel’ to replenish its Iron Dome missile system, two days after objections from the most liberal Democrats forced leaders to remove it from a broader spending bill.