Default date moves back from June 1 to June 5, giving more time for talks. Read more at straitstimes.com.
WASHINGTON - US Treasury Secretary Janet Yellen on Friday extended the deadline for raising the federal debt limit, sayingMs Yellen had previously said a default could happen potentially as early as June 1.to raise the statutory ceiling on the nation’s borrowing capacity.
In a letter to Congress, Ms Yellen said her department will make more than US$130 billion of scheduled payments in the first two days in June, including to veterans and Social Security and Medicare recipients. “During the week of June 5, Treasury is scheduled to make an estimated US$92 billion of payments and transfers,” including a roughly US$36 billion quarterly adjustment towards Social Security and Medicare trust funds, Ms Yellen wrote.
“Therefore, our projected resources would be inadequate to satisfy all of these obligations,” she said. Ms Yellen also said the department used an extraordinary cash management measure on Thursday, swopping approximately US$2 billion of Treasury securities between the Civil Service Retirement and Disability Fund and the Federal Financing Bank to stave off the potential default date.
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