Yellen sets new deadline for Congress to raise the debt ceiling: June 5

Treasury Secretary Janet Yellen listens during an open session of the Financial Stability Oversight Council meeting at the Department of the Treasury in Washington, D.C., on April 21, 2023. Yellen said on Friday Congress would need to raise the debt ceiling by June 5 or the country could run out of cash to pay its bills. (Alex Wong/Getty Images)

Treasury Secretary Janet Yellen says the government won't have enough money to pay all of its bills unless Congress acts to raise the debt ceiling by June 5.

That's a more precise deadline than Yellen had previously given, when she said the cash crunch would likely come sometime in early June, and possibly "as early as June 1."