On Friday, Treasury Secretary Janet Yellen gave congressional negotiators until June 5 to reach a deal on the debt ceiling.
gave congressional lawmakers a momentary reprieve on Friday, pushing back a projected debt ceiling deadline to June 5. Previously, Yellen had estimated that funds could run out by the first of the month.
“Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5,” Yellen wrote in ato Congressional leaders. She added that the Treasury Department is scheduled to make $130 billion in payments on the first two days of the month, including payments for Social Security and Medicare, which will “leave Treasury with an extremely low level of resources.
Yellen’s letter comes as negotiators in Congress and the White House have still failed to come to an agreement to raise the $31.4 trillion debt ceiling. Republicans are to extract spending cuts and impose work requirements on recipients of social services. Though Presidenton Friday a deal was “very close,” the weeks-long negotiations continued into the weekend. On Saturday morning, Speaker of the HouseRepublicans were “closer to an agreement” but didn’t offer a timeline for an ultimate compromise.
In her letter, Yellen reiterated that a default would “cause severe hardship to American families.” Earlier this month, she
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