June 5th Deadline Looms for Debt Ceiling Agreement

Treasury Secretary Janet Yellen estimated that the US will reach the debt ceiling on June 5, and the government will not have adequate resources to satisfy all of its obligations. The Treasury Department has been using extraordinary measures to help the government pay the bills since January, and Yellen urged lawmakers to act without delay. Waiting until the last minute to reach a deal has already caused borrowing costs to go up for securities maturing in early June.