What happens if the U.S. fails to lift its debt limit by June 5?


Treasury Secretary Janet Yellen on Friday updated the date for a possible U.S. debt default to June 5 if Congress fails to raise the ceiling on borrowing, pushing back a previous estimate of June 1.

This gives negotiators for President Joe Biden and House Republican Speaker Kevin McCarthy a little breathing room as they work to find a bipartisan solution to lift the current spending cap, known as the debt ceiling.

But though murmurs of a possible deal have grown in recent days, no agreement has yet materialized as lawmakers head into a holiday weekend.

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