This news, which has been reported by CNN and other sources, would be disastrous, damaging the economy significantly and delaying payments to millions of Americans.

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

The October 18 deadline is simply an estimate for right now, but it comes after the average daily governmental cash flow reached over $50 billion this past year.

“It is important to remember that estimates regarding how long our remaining extraordinary measures and cash may last can unpredictably shift forward or backward,” said Yellen. “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.”