President Biden told reporters Friday he hopes they will have evidence by the end of the night of a debt ceiling deal between White House negotiators and House Republicans.
— which marks when the U.S. will begin to be unable to pay its bills — to June 5.
"The secretary's letters to Congress since January have estimated that Treasury would have insufficient resources to satisfy the government's obligations in early June and, with the benefit of additional data on outlays and receipts, the Treasury Department is now able to make a more specific estimate of June 5," Lael Brainard, director of the National Economic Council, said in a statement Friday evening.
The risk of default continues even in the event of a deal, with time running short. Many congressional members are out of town for the Memorial Day holiday, and it will take time to pass legislation through both chambers.
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