Treasury Secretary Janet Yellen on Friday estimated the new date when the country will reach the debt ceiling is June 5.
- $130 billion of scheduled payments are set for the first two days of June, including payments to veterans and Social Security and Medicare recipients.
- An additional $92 billion in payments and transfers are scheduled for the week of June 5th — the government would not have adequate resources to satisfy its obligations by then.’
Yellen told lawmakers that waiting until the last minute to reach a deal has already caused borrowing costs to go up for securities maturing in early June.