U.S. Treasury official says June 1 default scenario is 'best estimate' but variable

The U.S. Treasury's estimate that it could run short of cash to satisfy all U.S. payment obligations as early as June 1 is its "best estimate" based on recent tax receipts, Treasury Assistant Secretary for Financial Markets Joshua Frost said on Wednesday.

He told a news conference after Treasury's quarterly refunding announcement: "Receipts and outlays are just inherently variable, and the actual date will depend on realized receipts and outlays, and the date on which we have exhausted our resources could be a number of weeks later than those estimates."