Yellen: Estimates that the U.S. Treasury will run out of money by June 5

In a letter to members of Congress on the timing of a potential default, Treasury Secretary Yellen said: "Based on the latest available data, we now estimate that if Congress does not raise or suspend the debt ceiling by June 5, the Treasury will not have sufficient resources to meet the government's obligations," 

Yellen noted that the Treasury would be able to make more than $130 billion in scheduled payments in the first two days of June, including payments to veterans, Social Security and Medicare beneficiaries. These payments will bring the Treasury's resources down to very low levels.