The US Treasury changed the expected default period

The US Treasury moved the expected default date from June 1 to June 5

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The US Treasury Department has changed the expected date for the government’s default on obligations from June 1 to June 5. This is stated in letter Treasury Secretary Janet Yellen to Congress leaders.

“Based on the latest available data, we now expect the Treasury to have insufficient resources to fulfill government bonds on June 5 unless Congress raises or suspends the government debt limit,” the document says.

Yellen asked members of Congress to quickly resolve the debt ceiling issue.

The US administration has been negotiating with congressmen to raise the national debt ceiling for several months. The Republicans who control the House of Representatives said they were ready to agree to such a step, provided that budgetary spending on state programs is reduced. The White House did not support this position.

Previously, President Joe Biden was unable to convince the US Congress to increase the bar for the state house. Congress said they did not intend to seek cuts in defense funding, but suggested that the government change the direction of spending.


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