Yellen sets new deadline for Congress to raise the debt ceiling: June 5 – Gist It

Yellen sets new deadline for Congress to raise the debt ceiling: June 5

Treasury Secretary Janet Yellen urges Congress to raise the debt ceiling by June 5 to avoid a government default.

New deadline: Yellen sets a more precise deadline for raising the debt ceiling, giving lawmakers a few extra days to act.
* Previously, she stated the cash crunch could happen in early June, possibly “as early as June 1.”

Negotiations ongoing: House Republicans and the Biden administration discuss a deal to raise the debt limit for two years in exchange for cuts in discretionary government spending.
* No agreement has been finalized, and any deal reached will need support from both the House and Senate.

The consequences: Failure to raise the debt ceiling would cause severe hardship for American families, harm global leadership, and raise questions about national security interests, according to Yellen.
* She notes that the government’s short-term borrowing costs have already increased due to the debt ceiling brinkmanship.

View original article on NPR

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May 26, 2023

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