Treasury Secretary Janet Yellen has moved the deadline for government payments to June 5.
Treasury Secretary Janet Yellen on Friday said the estimated deadline for the federal debt ceiling would come four days later than was first warned.
"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.SEE MORE: What will happen to Social Security if government defaults on debt?
"If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests," Yellen wrote. Broadly, a deal is expected to involve spending cuts in 2024 and a percentage cap on spending growth starting in 2025.
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