Government Must Address Debt Crisis by June 5th, Yellen says

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.

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