CNN: Treasury Secretary Yellen Says Congress Must Address Debt Ceiling by June 5

EXCERPT:

DIAMOND: “We have a very important update from Treasury secretary Janet Yellen. In a letter to congressional leaders, she now has an update on that x-date for when the U.S. could potentially default on its payments, and it is not just early June, but it is now a specific date of June 5th. She writes in this letter: ‘Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5th.’ And she notes that there will already be a significant amount of strain on the Treasury’s funds, beginning next week. She says that $130 billion of scheduled payments will be made in the first two days of June, including veterans’ payments, Social Security, and Medicare, and this is going to leave the Treasury Department with ‘an extremely low level of resources.’”