US Treasury's Cash Reserves Nearing Depletion Amidst Debt-Ceiling Deadlines

The US Treasury Department is expected to run out of cash to fund the federal government's obligations by June 8 or 9 unless the debt ceiling is lifted, according to a report by Goldman Sachs. Negotiators representing the Biden administration and congressional Republicans have been operating under the assumption June 1 will be the date on which Treasury exhausts its extraordinary measures, which could give lawmakers extra time to finalize a deal if the June 8 or 9 estimate from the Goldman Sachs note pans out. Treasury Secretary Janet Yellen said Sunday during an interview on NBC’s "Meet the Press" the likelihood of the U.S. making it to mid-June without the Treasury exhausting its extraordinary measures is "quite low" and that June 1 remains the hard deadline.