Lawmakers on call over Memorial Day weekend as treasury secretary revises estimate of when US will run out of money
Unless Congress raises the debt ceiling, the US will run out of money to pay its bills by 5 June, the treasury secretary, Janet Yellen, said on Friday as Democratic and Republican negotiators struggled to reach a deal.
Failure to raise the debt celling could trigger a default that could wreak havoc on the economy and global markets. Yellen’s announcement gives negotiators a little more time to come to an agreement.