Yellen pushes debt ceiling deadline to June 5 for negotiations.

Treasury Secretary Janet Yellen has set a new deadline for Congress to raise the debt ceiling, warning that the government will run out of cash to pay its bills by June 5 if action is not taken. Negotiators for House Republicans and the Biden administration have been discussing a deal that would raise the debt limit for two years in exchange for cuts in discretionary government spending, but no agreement has been finalized. Yellen urged Congress to act as soon as possible to avoid severe hardship to American families, harm to the country's global leadership position, and questions about its ability to defend national security interests.