U.S. Government Faces Looming Debt Deadline as Congress Struggles to Reach Compromise
Treasury Secretary Janet Yellen Shifts Deadline Forward, Putting Pressure on Lawmakers to Act Quickly.
Published in
May 26, 2023
The U.S. government is facing a looming deadline to raise the debt ceiling, with Treasury Secretary Janet Yellen stating that the government will not have enough money to pay its obligations by June 5. Yellen has shifted the deadline forward while retaining pressure on congressional leaders to strike a compromise on the debt limit.
If Congress does not act quickly, the government risks defaulting on its debt obligations, which could have serious consequences for the U.S. economy and global financial markets.
