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Yellen Sets June 5 as X-Date in US Debt-Ceiling Standoff
Posted
May 26, 2023
Views
3,755
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82
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14
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2.56%
May 26, 2023
3,755
82
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2.56%
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0:52Now PlayingWhite House and Republican negotiators tentatively narrowed differences but were still clashing Friday on key issues as the Treasury Department signaled extra time was available before a potential US default.
Treasury Secretary Janet Yellen announced the department expects to be able to make payments on US debts up until June 5 if lawmakers fail to act on the US debt ceiling. That set a more pointed date for a potential default but is also four days later than her previous comments eyeing trouble as soon as June 1.
The new so-called X-date buys negotiators for House Speaker Kevin McCarthy and President Joe Biden more time to strike a deal. The negotiating teams haven’t met in person since Wednesday but spoke late into the night Thursday and were in regular communication throughout the day Friday.
Speaking as he left the White House Friday night for Camp David, Biden said he’s “very optimistic” about the prospects for a deal. “I’m hopeful we’ll know by tonight.”
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