Debt ceiling: Treasury Secretary Janet Yellen pushes "X" date back to June 5

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Treasury Secretary Janet Yellen has shifted the date the country could default to June 5, giving Speaker Kevin McCarthy and the White House more time to reach a deal to raise the debt limit.

Yellen had previously informed Congress the United States could be unable to pay its obligations as soon as June 1

"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 5," Yellen said in the letter.

"We will make more than $130 billion of scheduled payments in the first two days of June, including payments to veterans and Social Security and Medicare recipients. These payments will leave Treasury with an extremely low level of resources," she added. "During the week of June 5, regularly scheduled quarterly adjustment that would result in an investment in the Social Security and Medicare trust funds of roughly $36 billion. Therefore, our projected resources would be adequate to satisfy all of these obligations."

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