(C) Common Dreams
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Treasury Expects to Run Out of Cash by June 5 [1]
['Alan Rappeport']
Date: 2023-05-26
Treasury Secretary Janet L. Yellen said on Friday that the United States will run out of money to pay its bills on time by June 5, moving the goal post back slightly while maintaining the urgency for congressional leaders to reach a deal to raise or suspend the debt limit.
The letter provided the most precise date yet for when the United States is expected to run out of cash. Ms. Yellen had previously said the nation could hit the so-called X-date — the moment when it does not have enough money to pay all of its bills on time — as soon as June 1.
Ms. Yellen’s letter comes as the White House and House Republicans have been racing to reach a deal that would lift the nation’s $31.4 trillion borrowing cap and prevent the United States from defaulting on its debt. The Treasury Department hit its statutory debt limit on Jan. 19 and has been employing accounting maneuvers — known as “extraordinary measures” — to ensure the United States can continue paying its bills on time.
On Friday evening, President Biden expressed hope that an agreement could soon be clinched.
“Things are looking good. I’m very optimistic,” Mr. Biden said as he departed the White House for Camp David. “I’m hopeful we’ll know by tonight whether we are going to be able to have a deal.”
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[1] Url:
https://www.nytimes.com/2023/05/26/business/yellen-treasury-x-date-us-debt.html
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