Debt Ceiling: Treasury Department gives new deadline
WASHINGTON, D.C. (CNN) — Treasury Secretary Janet Yellen has updated her guidance on when the U.S. will start defaulting on its financial obligations.
She now says that the default will happen on June 5th of this year if a deal on the debt ceiling is not reached.
Previously, Yellen estimated it could happen as early as June 1st.
The new guidance buys at least a few days while negotiators work to hammer out a deal.
Friday morning, House Speaker Kevin McCarthy expressed optimism that would happen soon.
However, key negotiator GOP Representative Garrett Graves said that he does not believe that any significant progress has been made.
