US Treasury Secretary Janet Yellen has told Congress that the U.S. could default on its debt obligations by June 5 — four days later than previously estimated — if lawmakers do not act in time to raise the federal debt ceiling.Yellen’s letter comes as Congress breaks for the three-day Memorial Day weekend, and as tensions build over whether a deal between the White House and Republicans in Congress will be struck in time.The so-called “X-date” arrives when the government no longer has enough of a financial cushion to pay all of its bills, having exhausted the extraordinary measures it has been employing since January to stretch existing funds.
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