U.S. Treasury Secretary Janet Yellen on Friday set a deadline for raising the federal debt limit, saying the government would default if Congress does not increase the $31.4 trillion debt ceiling by June 5.
Yellen had previously said a default could potentially happen as early as June 1, but is now characterizing June 5 as the precise deadline.
The more precise estimate buys White House and congressional negotiators slightly more time to finalize a deal to raise the statutory ceiling on the federal government's borrowing capacity.on Friday but still struggled to resolve thorny differences. "During the week of June 5, Treasury is scheduled to make an estimated $92 billion of payments and transfers," including a roughly $36 billion quarterly adjustment toward Social Security and Medicare trust funds, Yellen wrote.
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