Debt ceiling deadline is extended to June 5, later than previously estimated, Yellen says

Treasury Secretary Janet Yellen said Friday the projected debt ceiling deadline is extended to June 5, four days later than previously estimated.

Yet, Yellen renewed her warning in a letter to Congress that inaction on raising the borrowing limit would “cause severe hardship.”

Yellen’s latest letter to legislators on the “X-date” came as Congress broke for the long Memorial Day weekend. She said that the Treasury Department had deployed an extraordinary measure not used since 2015 to get the U.S. financial position to this point.

The X-date arrives when the government no longer has enough of a financial cushion to pay all its bills, having exhausted the measures it’s been using since January to stretch existing funds.