US may hit new debt limit as early as Jan 14, Yellen says
WASHINGTON - The U.S. Treasury Department may need to take"extraordinary measures" by as early as Jan. 14 to prevent the United States from defaulting on its debt, Treasury Secretary Janet Yellen told lawmakers in a letter on Friday.
U.S. debt is expected to decrease by about $54 billion on Jan. 2"due to a scheduled redemption of nonmarketable securities held by a federal trust fund associated with Medicare payments," she added. Under a 2023 budget deal, Congress suspended the debt ceiling until Jan. 1, 2025. The U.S. Treasury will be able to pay its bills for several more months, but Congress will have to address the issue at some point next year.
A debt limit is a cap set by Congress on how much money the U.S. government can borrow. Because the government spends more money than it collects in tax revenue, lawmakers need to periodically tackle the issue -- a politically difficult task, as many are reluctant to vote for more debt.
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