U.S. Treasury Secretary Janet Yellen on Friday set a deadline for raising the federal debt limit, saying the government would default if Congress does not increase the $31.4 trillion debt ceiling by June 5.
Yellen had previously said a default could potentially happen as early as June 1, but is now characterizing June 5 as the precise deadline.
“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,” she wrote.
Read More : Treasury Secretary Yellen sets June 5 as final day to raise debt ceiling