Yellen says new default deadline is June 5

Treasury Secretary Janet Yellen said Friday that lawmakers now have until June 5 to raise the national debt ceiling and avoid a catastrophic default, giving negotiators a bit more leeway.

House Republicans and the White House are struggling to finalize a debt deal, hanging over disagreements over work requirements for social safety net programs and overall spending levels. The new date gives negotiators a few days longer than expected, since Yellen had previously said the nation could default as early as June 1.