Debt Ceiling Update

Treasury Secretary Yellen last month began deploying "extraordinary measures," such as suspending investments in certain federal trust funds, to keep from exceeding the $31.4 trillion statutory borrowing cap. Yellen estimated at the time that those accounting tools may not last beyond early June. The agency's current crop of extraordinary measures is set to expire on June 5th. The public is roughly divided on whether Congress should raise the debt limit, with 52 percent supporting such a move and 46 percent opposing it. The issue divides along party lines, however, 79 percent of Democrats support a higher debt limit, compared to only 26 percent of Republicans and 47 percent of independents.