U.S. Treasury extends debt default deadline to June 5

Contributed by NAMPA / Xinhua.

NEW YORK, May 26 (Xinhua) -- U.S. Treasury Secretary Janet Yellen on Friday extended the earliest date of default on governmental obligations from June 1 to June 5, leaving more time for the White House and congressional Republicans to hammer out a deal.
"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," said Yellen in an update letter to cong ...