Yellen says new default deadline is June 5
The new date gives negotiators a few more days than expected as House Republicans and the White House are struggling to finalize a debt deal.
Treasury Secretary Janet Yellen leaves after an open session of a Financial Stability Oversight Council meeting at the Department of the Treasury on April 21, 2023, in Washington, D.C. | Alex Wong/Getty Images
Treasury Secretary Janet Yellen said Friday that lawmakers now have until June 5 to raise the nation’s debt limit and avoid a catastrophic default, providing a bit more breathing room for negotiators.
House Republicans and the White House are struggling to finalize a debt deal, hung up on disagreements over work requirements for social safety net programs and overall spending levels. The new date gives negotiators a few more days than expected, since Yellen had previously said the nation could default as soon as June 1.
