Debt Ceiling: Treasury Department gives new deadlineTreasury Secretary Janet Yellen now says the U.S. will default on its financial obligations if a debt ceiling deal isn't reached by June 5th. (Photo: MGN / Senate Democrats / CC BY 2.0)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. The new guidance buys at least a few days while negotiators work to hammer out a deal. However, key negotiator GOP Representative Garrett Graves said that he does not believe that any significant progress has been made.

Source: CNN May 27, 2023 12:34 UTC