{"id":14628,"date":"2023-05-27T11:31:43","date_gmt":"2023-05-27T15:31:43","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/memorial-day-weekend-begins-with-hopes-debt-ceiling-deal-is-near\/"},"modified":"2023-05-27T11:31:44","modified_gmt":"2023-05-27T15:31:44","slug":"memorial-day-weekend-begins-with-hopes-debt-ceiling-deal-is-near","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=14628","title":{"rendered":"Memorial Day Weekend Begins With Hopes Debt Ceiling Deal Is Near"},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

Memorial Day weekend kicked off Saturday with Democrats and Republicans having yet to reach a deal on the U.S. debt ceiling\u2014but having more time to negotiate before the government defaults on its debt.<\/p>\n

Talks between the White House and GOP congressional leaders are set to resume Tuesday, but they have more breathing room to hammer out an agreement than they did on Friday.<\/p>\n

\n

At the week\u2019s end, Treasury Secretary Janet Yellen told House Speaker Kevin McCarthy that she expects the government to run out of cash to pay its bills on June 5. She had given June 1 as the so-called X-Date, or default deadline.<\/p>\n

Yellen, in a letter dated Friday, wrote: \u201cBased on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government\u2019s obligations if Congress hasn\u2019t raised or suspended the debt limit by June 5.\u201d<\/p>\n

Yellen went on to note that there are $130 billion of payments scheduled for the first two days of June for veterans and Social Security and Medicare recipients. During the week of June 5, the Treasury Department has another $92 billion of payments to make, and Yellen warned that the Treasury\u2019s funds would be \u201cinadequate\u201d to satisfy these obligations.<\/p>\n

Since warning of the so-called X-date earlier this year, the government has resorted to so-called \u201cextraordinary measures\u201d to pay its bills. Such measures include temporarily suspending investments in government workers\u2019 savings plans and moving money between government agency accounts. Those measures are temporary fixes\u2014and those found pockets of money the government is able to tap have dwindled as the X-date draws near.<\/p>\n

Yellen urged Congress to act \u201cas soon as possible,\u201d warning that waiting until the last minute \u201ccan cause serious harm to business and consumer confidence.\u201d<\/p>\n

Going into the holiday weekend, there was some reason for hope that a deal would be reached. On Friday, both President Joe Biden and House Republicans gave signs that a deal was near, with Biden saying a deal was \u201cvery close.\u201d<\/p>\n

Meanwhile, Rep. Patrick McHenry (R., N.C.) cautioned that \u201cthings we have to just work through. And I don\u2019t know how long that\u2019s gonna take. I don\u2019t know if that\u2019s hours or days.\u201d\u00a0<\/p>\n

Once a deal is struck, it would also have to be voted on in Congress\u2014a process that could take days, meaning that even with the slightly expanded timeline of June 5, any deal would still be coming in under the wire.<\/p>\n

Write to Carleton English at carleton.english@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Memorial Day weekend kicked off Saturday with Democrats and Republicans having yet to reach a deal on the U.S. debt ceiling\u2014but having more time to negotiate before the government defaults on its debt. Talks between the White House and GOP congressional leaders are set to resume Tuesday, but they have more breathing room to hammer […]<\/p>\n","protected":false},"author":1,"featured_media":14629,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-14628","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nMemorial Day Weekend Begins With Hopes Debt Ceiling Deal Is Near | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Memorial Day weekend kicked off Saturday with Democrats and Republicans having yet to reach a deal on the U.S. debt ceiling\u2014but having more time to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=14628\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Memorial Day Weekend Begins With Hopes Debt Ceiling Deal Is Near | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Memorial Day weekend kicked off Saturday with Democrats and Republicans having yet to reach a deal on the U.S. debt ceiling\u2014but having more time to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=14628\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-27T15:31:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-27T15:31:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/1685201504_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=14628#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=14628\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Memorial Day Weekend Begins With Hopes Debt Ceiling Deal Is Near\",\"datePublished\":\"2023-05-27T15:31:43+00:00\",\"dateModified\":\"2023-05-27T15:31:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=14628\"},\"wordCount\":436,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Markets\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=14628#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=14628\",\"url\":\"https:\/\/ifintechworld.com\/?p=14628\",\"name\":\"Memorial Day Weekend Begins With Hopes Debt Ceiling Deal Is Near | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-05-27T15:31:43+00:00\",\"dateModified\":\"2023-05-27T15:31:44+00:00\",\"description\":\"Memorial Day weekend kicked off Saturday with Democrats and Republicans having yet to reach a deal on the U.S. debt ceiling\u2014but having more time to\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=14628#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=14628\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=14628#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Memorial Day Weekend Begins With Hopes Debt Ceiling Deal Is Near\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Memorial Day Weekend Begins With Hopes Debt Ceiling Deal Is Near | iFintechWorld","description":"Memorial Day weekend kicked off Saturday with Democrats and Republicans having yet to reach a deal on the U.S. debt ceiling\u2014but having more time to","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=14628","og_locale":"en_US","og_type":"article","og_title":"Memorial Day Weekend Begins With Hopes Debt Ceiling Deal Is Near | iFintechWorld","og_description":"Memorial Day weekend kicked off Saturday with Democrats and Republicans having yet to reach a deal on the U.S. debt ceiling\u2014but having more time to","og_url":"https:\/\/ifintechworld.com\/?p=14628","og_site_name":"iFintechWorld","article_published_time":"2023-05-27T15:31:43+00:00","article_modified_time":"2023-05-27T15:31:44+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/1685201504_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=14628#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=14628"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Memorial Day Weekend Begins With Hopes Debt Ceiling Deal Is Near","datePublished":"2023-05-27T15:31:43+00:00","dateModified":"2023-05-27T15:31:44+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=14628"},"wordCount":436,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Markets"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=14628#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=14628","url":"https:\/\/ifintechworld.com\/?p=14628","name":"Memorial Day Weekend Begins With Hopes Debt Ceiling Deal Is Near | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-05-27T15:31:43+00:00","dateModified":"2023-05-27T15:31:44+00:00","description":"Memorial Day weekend kicked off Saturday with Democrats and Republicans having yet to reach a deal on the U.S. debt ceiling\u2014but having more time to","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=14628#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=14628"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=14628#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Memorial Day Weekend Begins With Hopes Debt Ceiling Deal Is Near"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/14628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14628"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/14628\/revisions"}],"predecessor-version":[{"id":14630,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/14628\/revisions\/14630"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/14629"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}