The U.S. Congress must act by June 5 to raise the federal debt ceiling or face a catastrophic default, U.S. Deputy Treasury Secretary Wally Adeyemo said on Tuesday, adding that President Joe Biden and House of Representatives speaker Kevin McCarthy negotiated a "good faith compromise."
Adeyemo told MSNBC that it was "essential" for Congress to approve the debt limit agreement quickly. "On June 5, if they're not able to act, United States will for the for the first time in our more than 200 year history be in a position where we can't meet all of our commitments to our seniors, to our veterans, to our troops and to our creditors," Adeyemo said.
US Treasury's Adeyemo says Congress must act on debt ceiling deal by June 5
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