Treasury Secretary Janet Yellen warned Congress that the US government could hit its debt ceiling as early as January 14th, necessitating the use of 'extraordinary measures' to prevent default. Yellen urged Congress to act and protect the nation's creditworthiness. This comes after a recent bill averted a government shutdown but did not address the debt ceiling.
Treasury Secretary Janet Yellen said in a letter sent to congressional leaders Friday afternoon that her agency will need to start taking 'extraordinary measures' or special accounting maneuvers intended to prevent the nation from hitting the debt ceiling as early as Jan. 14.
The bill was approved by Congress only after fierce internal debate among Republicans over how to handle Trump's demand. 'Anything else is a betrayal of our country,' Trump said in a statement.After a protracted debate in the summer of 2023 over how to fund the government, policymakers crafted the Fiscal Responsibility Act, which included suspending the nation's $31.4 trillion borrowing authority until Jan. 1, 2025.Notably however, Yellen said, on Jan.
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Treasury Warns of Imminent Debt Ceiling Hit, Urges Congress to ActU.S. Treasury Secretary Janet Yellen warned that the government is on track to hit the debt ceiling between January 14 and January 23, prompting the need for “extraordinary measures” to prevent a default. Yellen urged Congress to act swiftly to lift the borrowing limit and protect the nation’s creditworthiness.
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