United States Treasury Secretary Janet Yellen revealed on Friday that the country is likely to have sufficient finances to delay a potential debt default until June 5, giving negotiators an additional 4 days to come to an agreement on raising the debt ceiling that was initially anticipated to be resolved by June 1.
"We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States," Yellen wrote in a letter addressed to House Speaker Kevin McCarthy.
The two negotiating sides were said to have made some headway toward resolving the deadlocked talks on government expenditure, which were stalled by disagreements over job requirements for social safety net programs and overall spending levels.
