With the U.S. Treasury predicted to run out of cash (the “X date”) as early as June 1, Treasury Secretary Janet Yellen has started warning of an “economic calamity” if Congress doesn’t raise the statutory debt limit. According to Ms. Yellen, “whether it’s defaulting on interest payments that are due on the debt or payments due for Social Security recipients or to Medicare providers, we would simply not have enough cash to meet all of our obligations.” These claims are dangerously misleading.