Treasury Secretary Janet Yellen sent a new letter to House Speaker Kevin McCarthy (R-CA) and other congressional leaders on Friday refining the estimate for the X-date to June 5.
“Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5,” Yellen wrote in the 2-page letter.
Yellen also emphasized that the Treasury will make “more than $130 billion of scheduled payments in the first two days of June, including payments to veterans and Social Security and Medicare recipients.”
Recent reports suggested that if the federal government couldn’t make payments scheduled for June 1 and June 2, then Americans who rely most on government help to get by — the oldest and the poorest Social Security recipients — would have suffered.
Read the letter here: