Yellen Revises Default Date to June 5, Easing Pressure on Debt Ceiling Negotiations

U.S President Joe Biden delivers remarks alongside U.S. Treasury Secretary Janet Yellen at a closing session on food security at the U.S.-Africa Leaders Summit in Washington on Dec. 15, 2022. Anna Moneymaker/Getty Images

Treasury Secretary Janet Yellen revised the projected X-date for the budget ceiling to June 5, pushing back the threat of a default on the nation’s financial obligations for four days.

Yellen updated the prediction on the afternoon of May 26, revising the previous estimate of “early June” given in January and later revised to “potentially as early as June 1.”