Topline
Treasury Secretary Janet Yellen unexpectedly marked June 5 as the new deadline for avoiding a debt default in a letter to House Speaker Kevin McCarthy (R-Calif.) on Friday afternoon—not long after GOP leaders indicated their optimism in getting a debt ceiling deal completed despite mounting disagreements with the Biden Administration.
Key Facts
The estimate buys the White House and GOP negotiators four more days to strike a deal, after Yellen previously said the Treasury Department would be “highly likely” to run out of money to pay the federal government’s bills “as early as June 1.”
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