U.S. Treasury Secretary Janet Yellen warns Congress that the nation will reach its debt limit between January 14 and 23, necessitating 'extraordinary measures' to avoid default.
U.S. Treasury Secretary Janet Yellen warned Congress on Friday that—absent imminent action to raise or suspend the nation's debt limit—her agency would likely have to take 'extraordinary measures' as soon as January 14 to avert hitting the debt ceiling.
As you know, the debt limit is the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments, Yellen wrote in a letter sent to congressional leaders. 'In June 2023, the Fiscal Responsibility Act of 2023 was enacted, suspending the debt limit through January 1, 2025.' Yellen continued: On January 2, 2025, the new debt limit will be established at the amount of outstanding debt subject to the statutory limit at the end of the previous day. However, on January 2, the outstanding debt subject to the limit is projected to decrease by approximately $54 billion, mostly due to a scheduled redemption of nonmarketable securities held by a federal trust fund associated with Medicare payments. As a result, the debt is currently projected to temporarily decrease, and accordingly, Treasury does not expect that it will be necessary to start taking extraordinary measures on January 2 to prevent the United States from defaulting on its obligations. Treasury currently expects to reach the new limit between January 14 and January 23, at which time it will be necessary for Treasury to start taking extraordinary measure
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