Republicans demand government default avoidance details from Treasury, ask about 'contingency planning'

Fox News senior congressional correspondent Chad Pergram has more on the fiscal trajectory as the Congressional Budget Office warns the country could default sometime between July and September on'Special Report.' House Republicans are demanding more information from Treasury Secretary Janet Yellen on what – if any – safeguards are in place to keep the economy from careening off a cliff if the debt ceiling is not increased and the government is forced to make tough spending choices. House Financial Services Chairman Patrick McHenry, R-N.C., asked Yellen in a Tuesday letter exactly how long the government will be able to operate now that it has hit the $31.4 trillion debt ceiling and asked for an exact date. McHenry asked Yellen to provide "Treasury's current projection of the X-Date, along with how Treasury has arrived at this projection." So far, Treasury has said it expects it will need to begin borrowing money again by June 5, but has not explained publicly how it reached that date. McHenry also asked Yellen to provide a Treasury briefing to the committee by next week about federal debt management and "contingency planning."