Treasury Secretary Janet Yellen on Friday pushed back the projected deadline when the U.S. will default if Congress doesn't raise the debt limit.
Mrs. Yellen revised the default timeline in a letter to House Speaker Kevin McCarthy saying that incoming tax revenue had changed the calculus.
The announcement comes as negotiators for President Biden and Mr. McCarthy are rushing to craft a deal to increase the U.S. government’s $31.4 trillion debt limit. Initially, Mrs. Yellen warned the U.S. would likely be unable to pay all of its bills starting June 1 without a higher borrowing limit. Debt limit negotiations are set to take place over the Memorial Day weekend. While progress has been made, both sides remain far apart on spending cuts and imposing new welfare work requirements.
House Republicans want to cut $130 billion in the upcoming budget and cap the growth of federal spending at 1% over the next decade. They also want to tighten requirements that ensure individuals work at least 20 hours per week to receive Medicaid, food stamps, and direct cash assistance.
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