{"id":1939471,"date":"2023-05-27T09:56:01","date_gmt":"2023-05-27T13:56:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-revises-default-date-to-june-5-easing-pressure-on-debt-ceiling-negotiations\/"},"modified":"2023-05-27T16:15:11","modified_gmt":"2023-05-27T20:15:11","slug":"yellen-revises-default-date-to-june-5-easing-pressure-on-debt-ceiling-negotiations","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-revises-default-date-to-june-5-easing-pressure-on-debt-ceiling-negotiations\/","title":{"rendered":"Yellen changes default date to June 5, lessening debt ceiling talks pressure."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fyellen-revises-default-date-to-june-5-easing-pressure-on-debt-ceiling-negotiations%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1939471&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Treasury Secretary Janet Yellen Pushes Back X-Date for Budget Ceiling<\/h2>\n<div class=\"post_content\">\n<div class=\"aplayer_app\" data-source=\"https:\/\/vs1.youmaker.com\/assets\/2023\/0526\/9f789c0d-de49-4deb-a5c5-000492f473e8\/audio.mp3?length=2723949&#038;duration=227\"><\/div>\n<p>Good news for the US economy! Treasury Secretary Janet Yellen has revised the projected X-date for the budget ceiling to June 5, giving negotiators four more days to forge a compromise on the terms for raising the $31.4 trillion borrowing limit.<\/p>\n<h3>What is X-Date?<\/h3>\n<p>The X-date refers to the date when the Treasury will lack the funds to pay all of the nation\u2019s bills on time if Congress does not raise the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/debt-ceiling-negotiations-stall-on-spending-cuts-as-deadline-nears\/\" title=\"Debt ceiling talks stuck on spending cuts with deadline approaching.\">federal spending limit<\/a>. Yellen updated the prediction on the afternoon of May 26, revising the previous estimate of \u201cearly June\u201d given in January and later revised to \u201cpotentially as early as June 1.\u201d<\/p>\n<h3>Points of Contention<\/h3>\n<p>President Joe Biden has insisted that negotiations are over spending cuts and other provisions of the Limit, Save, Grow Act passed by the House in April, not the debt ceiling itself. He maintains that Congress has a constitutional duty to increase the debt limit in order to preserve the full faith and credit of the United States.<\/p>\n<blockquote>\n<p>House Speaker Kevin McCarthy (R-Calif.) said beginning in January that Republicans will not raise the debt limit unless Democrats agree to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-revises-default-date-to-june-5-easing-pressure-on-debt-ceiling-negotiations\/\" title=\"Yellen changes default date to June 5, lessening debt ceiling talks pressure.\">reduce federal discretionary spending<\/a> in 2024 with no increase in taxes.<\/p>\n<\/blockquote>\n<p>The Limit, Save, Grow Act raises the debt limit by $1.5 trillion while lowering federal discretionary spending to the 2022 level, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/in-depth-blanket-budget-slash-to-22-spending-levels-could-defund-bidens-green-energy-push\/\" title=\"IN DEPTH: Blanket Budget Slash to \u201922 Spending Levels Could Defund Biden\u2019s Green Energy Push\">capping annual spending increases<\/a> at 1 percent for 10 years, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-revokes-trump-anarchist-jurisdictions-order-restores-financing-to-portland-seattle\/\" title=\"Biden Revokes Trump \u2018Anarchist Jurisdictions\u2019 Order, Restores Financing To Portland, Seattle\">strengthening work requirements<\/a> for some recipients of federal assistance, taking back unspent COVID-19 funds, and easing requirements for permits to drill for oil and gas.<\/p>\n<h3>Bipartisan Agreement<\/h3>\n<p>Details of a possible bipartisan agreement were leaked on May 25. The supposed plan would increase the debt limit by $3.5 trillion to $4 trillion and cut spending, according to Rep. Chip Roy (R-Texas), but would not include all Republican demands.<\/p>\n<p>The president said on May 25 that he has offered to cut spending, but negotiations are ongoing.<\/p>\n<h3>Conclusion<\/h3>\n<p>The revised default date provides breathing room for negotiators, who have been meeting intently for two weeks to forge a compromise on the terms for raising the borrowing limit. Stay tuned for more updates on this developing story!<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>late summer or early fall.\u201d The delay is attributed to stronger-than-expected tax receipts and lower-than-anticipated spending.<\/p>\n","protected":false},"author":1793,"featured_media":1939472,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[10142,5487,15651,13148,27787,4150,3745,5286],"class_list":["post-1939471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-ceiling","tag-debt","tag-default","tag-june","tag-lessening","tag-pressure","tag-talks","tag-yellen"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1939471","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1793"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1939471"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1939471\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1939472"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1939471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1939471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1939471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}