Current:Home > MyYellen sets new deadline for Congress to raise the debt ceiling: June 5-DB Wealth Institute B2 Expert Reviews
Yellen sets new deadline for Congress to raise the debt ceiling: June 5
View Date:2024-12-23 19:41:25
Treasury Secretary Janet Yellen says the government won't have enough money to pay all of its bills unless Congress acts to raise the debt ceiling by June 5.
That's a more precise deadline than Yellen had previously given, when she said the cash crunch would likely come sometime in early June, and possibly "as early as June 1."
The new warning gives lawmakers a few extra days to act before a potentially disastrous government default.
Negotiators for House Republicans and the Biden administration have been discussing a deal that would raise the debt limit for two years in exchange for cuts in discretionary government spending.
No agreement has been finalized, however. And any deal that is reached will have to win support in both the House and Senate.
Act now, Yellen tells Congress
In a letter to members of Congress Friday, Yellen said the Treasury would make scheduled payments totaling more than $130 billion on June 1 and 2, including payments to veterans, Medicare providers and Social Security recipients. But she added, that will leave the government with very little cash on hand.
Yellen projected that the government would not have enough money to pay all of its bills due the following week, beginning June 5.
"If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests," Yellen wrote.
She noted the government's short-term borrowing costs have already increased as a result of the debt ceiling brinkmanship.
"I continue to urge Congress to protect the full faith and credit of the United States by acting as soon as possible," Yellen wrote.
veryGood! (53293)
Related
- Nicole Kidman Reveals the Surprising Reason for Starring in NSFW Movie Babygirl
- Twin babies who died alongside their mother in Georgia are youngest-known Hurricane Helene victims
- Ron Hale, retired 'General Hospital' soap opera star, dies at 78
- Singer El Taiger Found With Gunshot Wound to the Head in Miami
- What is best start in NBA history? Five teams ahead of Cavaliers' 13-0 record
- Hawaii nurses union calls new contract a step in the right direction
- Prince William Shares He Skipped 2024 Olympics to Protect Kate Middleton’s Health
- 'They didn't leave:' ER staff worked for days on end to help Helene victims
- 10 Trendy Bags To Bring to All of Your Holiday Plans
- Saoirse Ronan Shares Rare Insight Into Relationship With Husband Jack Lowden
Ranking
- Horoscopes Today, November 11, 2024
- Olympian Suni Lee Calls Out MyKayla Skinner's Put Down to Gymnastics Team
- Armed person broke into Michigan home of rabbi hosting Jewish students, authorities say
- South Carolina sets Nov. 1 execution as state ramps up use of death chamber
- Wildfires burn from coast-to-coast; red flag warnings issued for Northeast
- Nevada politician guilty of using $70,000 meant for statue of slain officer for personal costs
- Scary new movies to see this October, from 'Terrifier 3' to 'Salem's Lot'
- For migrant women who land in Colorado looking for jobs, a common answer emerges: No
Recommendation
-
NFL coaches diversity report 2024: Gains at head coach, setbacks at offensive coordinator
-
US nuclear weapon production sites violated environmental rules, federal judge decides
-
Progressive prosecutors in Georgia faced backlash from the start. They say it’s all politics.
-
Mortgage rates are at a two-year low. When should you refinance?
-
Pistons' Ausar Thompson cleared to play after missing 8 months with blood clot
-
Les Miles moves lawsuit over vacated LSU wins from federal to state court
-
No, That Wasn't Jack Nicholson at Paris Fashion Week—It Was Drag Queen Alexis Stone
-
Jennifer Hudson gushes about Common and chats with him about marriage: 'You are my joy'