U.S. Government Projected to Run Out of Money Needed to Pay Its Bills by October

The federal government is set to run out of cash by Oct. 1, CNN Business reports. Congress must now raise the debt ceiling in order to avoid the crisis.

If that doesn’t happen, the U.S. could default on its debt, which could lead to the stock market and economy plummeting, and interrupt deposits to millions of residents for Social Security, military pay, and more.

“It is uncertain whether we could continue to meet all the nation’s commitments after that date,” Treasure Secretary Janet Yellen said in a letter.

“It is important to remember that estimates regarding how long our remaining extraordinary measures and cash may last can unpredictably shift forward or backward,” she added. “This uncertainty underscores the critical importance of not waiting to raise or suspend the debt limit. The full faith and credit of the United States should put at risk.”