Debt Ceiling Deadline Is Extended To June 5th, Later Than Previously Estimated

WASHINGTON (AP) — Treasury Secretary Janet Yellen says the projected debt ceiling deadline is extended to June 5, later than previously estimated.

Yellen said in a letter Friday to Congress that inaction on raising the borrowing limit would “cause severe hardship.”

House Speaker Kevin McCarthy and debt ceiling negotiators have hit “crunch” time as they strain to make a deal with the White House to raise the nation’s debt limit, avert default and cut federal spending.

McCarthy said Friday there is still more work to do.

Negotiators are racing for agreement this weekend.

A federal default on the national debt could send the economy into chaos.

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