Treasury Secretary Janet Yellen on Friday estimated the new date when the country will reach the debt ceiling is June 5.
“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,” she wrote in a letter to House Speaker Kevin McCarthy.
Yellen’s new estimate contains more specificity than her earlier guidance. “By June 5,” she said in Friday’s letter, whereas her last two letters to Congress suggested a little more uncertainty — “as early as June 1” was the phrasing she used.
The exact timing of the so-called “X-date,” when the U.S. will not be able to pay its bills, has a degree of uncertainty, as the Treasury Department tracks money coming into and leaving its coffers.
Read more at CBSnews.com
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