Janet Yellen, the US Treasury secretary, has said the government could run out of cash to pay all its bills on June 5, giving lawmakers a few more days of flexibility to strike a deal that would avert an unprecedented debt default.
Yellen’s new estimate, released on Friday afternoon, came as the White House and House Republicans hurried to finalise a pact on government spending that would pave the way to lift the US borrowing limit and remove a huge cloud of uncertainty hanging over the country’s economy.
Previously Yellen had warned a default could occur as early as June 1. The latest update means there is a little bit of additional breathing room for the final details of the agreement to be worked out.
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