10 things you need to know today: May 27, 2023

Default deadline pushed to June 5 as Biden says deal is near, Texas GOP to hold impeachment proceedings against state’s attorney general, and more

President Biden speaks to reporters about the debt ceiling.
(Image credit: Chip Somodevilla/Getty Images)

1. Default deadline pushed to June 5 as Biden says deal is near

Treasury Secretary Janet Yellen announced Friday that the deadline to reach a deal on raising the debt ceiling had been extended to June 5, bumping it back four days from the previous June 1 cutoff date. Yellen noted that during the first week of June, the United States would have an estimated $92 billion in payments due, including $36 billion in Social Security and Medicare benefits, and "our projected resources would be inadequate to satisfy all of these obligations." However, President Biden remained optimistic that a deal would be reached heading into the weekend, even as sources within the White House said they remained far apart on negotiations with Republicans.

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Justin Klawans, The Week US

 Justin Klawans has worked as a staff writer at The Week since 2022. He began his career covering local news before joining Newsweek as a breaking news reporter, where he wrote about politics, national and global affairs, business, crime, sports, film, television and other Hollywood news. Justin has also freelanced for outlets including Collider and United Press International.