The pair are hoping to strike a compromise over the weekend, but any deal would need to be a compromise as support would be needed from Republicans and Democrats to pass a divided and narrowly-controlled Congress.Despite potential hang-ups, including over stiffer work requirements on people receiving government food stamps, both sides appeared to be optimistic that they could find a deal.
In her letter, Yellen said the Treasury Department used an extraordinary cash management measure on Thursday, swapping approximately $2 billion of securities between the Civil Service Retirement and Disability Fund and the Federal Financing Bank to stave off the potential default date.
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