US Treasury extends debt default deadline to June 5

U.S. Treasury Secretary Janet Yellen on Friday extended the earliest date of default on governmental obligations from June 1 to June 5, leaving more time for the White House and congressional Republicans to hammer out a deal.

"Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government's obligations if Congress has not raised or suspended the debt limit by June 5," said Yellen in an update letter to congressional leaders.

The United States is "highly likely" to default on government obligations by early June and potentially as early as June 1 if the Congress fails to raise or suspend the debt limit, said Yellen in a similar letter on Monday.