"Yellen Urges Congress to Raise Debt Ceiling Amid Uncertainty Over Treasury's Cash Reserves"

The Congressional Budget Office has said that the US government can avoid default in July if the Treasury can make it through the June cash crunch. The CBO report warned that there is still a risk of default in the first few weeks of June if the debt limit remains unchanged. The report also raised the federal budget deficit projection for 2023 to $1.5 trillion, citing uncertainty around the figure due to an expected Supreme Court ruling on President Joe Biden's student loan forgiveness plan. The White House and congressional leaders postponed a scheduled Friday meeting to continue negotiations over a deal to cut spending and pair that with a debt limit hike.