Debt ceiling deadline is extended to June 5, later than previously estimated, Yellen says

Treasury Secretary Janet Yellen said Friday the projected debt ceiling deadline is extended to June 5, four days later than previously estimated.

Earlier Friday, House Speaker Kevin McCarthy said his Republican debt negotiators and the White House had hit "crunch" time, straining to wrap up an agreement with President Joe Biden to curb federal spending and lift the nation's borrowing limit ahead of the fast-coming deadline. Democrat Biden and the Republican speaker were narrowing differences, laboring to lock in details on a two-year agreement that would restrain federal spending and lift the legal borrowing limit past next year's presidential election.

He was referring to Office of Management and Budget Director Shalanda Young who attended the event as did Rep. Garret Graves of Louisiana, a top Republican negotiator. Biden will also be away this weekend, departing Friday for the presidential retreat at Camp David, Maryland, and Sunday for his home in Wilmington, Delaware. The Senate is on recess and will return after Memorial Day.

Over the Republican demand to rescind money for the Internal Revenue Service, it's still an "open issue" whether the sides will compromise by allowing the funding to be pushed into other domestic programs, the person said.

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