The revised timeline gives Congress almost two extra weeks to find a way to avoid the first default in U.S. history.
Treasury Secretary Janet Yellen at a Senate Appropriations subcommittee hearing in Washington on June 23.Dartunorro Clark
Treasury Secretary Janet Yellen said Tuesday the federal government might be unable to pay its bills starting Dec. 15, pushing back a previous deadline and giving Congress almost two extra weeks to find a way to avoid what would be the first default in U.S. history.to raise or suspend the federal debt limit sooner rather than later, revised her previous deadline, Dec. 3, to mid-December. She said the change is due in part to the newly enacted bipartisan infrastructure law, which allocates $118 billion to the Highway Trust Fund.
"While I have a high degree of confidence that Treasury will be able to finance the U.S. government through December 15 and complete the Highway Trust Fund investment, there are scenarios in which Treasury would be left with insufficient remaining resources to continue to finance the operations of the U.S. government beyond this date," she wrote in a letter to congressional leaders.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Treasury secretary estimates US could reach debt limit on December 15Treasury Secretary Janet Yellen now estimates that the government will run out of money on December 15, an extension from the previous deadline of December 3.
Read more »
Federal Government Could Be Unable to Pay Bills as Soon as Dec. 15, Yellen SaysTreasury Secretary Janet Yellen said the federal government might no longer be able to pay all of its bills as soon as Dec. 15, urging Congress to act
Read more »
Yellen extends to Dec. 15 date for potential debt defaultWASHINGTON (AP) — Treasury Secretary Janet Yellen told Congress Tuesday that she believed she would run out of maneuvering room to avoid the nation's first-ever default soon after Dec. 15. In a letter to congressional leaders, Yellen said that she believed Treasury could be left with insufficient resources to keep financing the government beyond Dec.
Read more »
U.S. sanctions will still have an impact despite the rise of crypto, Treasury’s Adeyemo saysDeputy Treasury Secretary Wally Adeyemo said on Tuesday the U.S. dollar will continue to be the world's dominant currency despite interest in cryptocurrencies.
Read more »
Power Lawyers 2022: Nominations Are Open for The Hollywood Reporter’s Top Attorneys ListTHR's 16th annual Power Lawyers feature is currently set to be published March 2. The deadline for submissions is Jan. 7.
Read more »
New Film Festival Set for New Zealand in Early 2022Taking place in Auckland in January, In the Shade will focus on awards contenders and festival hits.
Read more »