The update for the so-called"X date" buys more time for negotiators to hammer out a deal. Previously, Yellen had said the U.S. could run out of money to pay its bills by June 1.
Markets closed higher Friday, buoyed in part by optimism that there would be a deal passed by Congress and signed by the president by the deadline."We now estimate that Treasury will have insufficient resources to satisfy the government's obligations if Congress has not raised or suspended the debt limit by June 5," Yellen wroteFeeling out of the loop? We'll catch you up on the Chicago news you need to know.
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