Yellen Sets June 5 as X-Date in US Debt-Ceiling Standoff
- New guidance narrows previous range given for possible default
- Latest letter comes as negotiators move closer to budget deal
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Treasury Secretary Janet Yellen said her department estimates it will run out of funding by June 5 if lawmakers fail to raise or suspend the US debt ceiling.
“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 said Friday in her latest letter to lawmakers on the potential timing of a government default.