Treasury Secretary Janet Yellen has cautioned Congress about the approaching debt ceiling deadline, predicting it will be reached between January 14 and 23, 2024. This necessitates the Treasury to implement extraordinary measures to avoid default. Yellen urges Congress to act swiftly to safeguard the U.S. creditworthiness. While the exact date could shift, the looming crisis has reignited the long-standing partisan debate over the debt ceiling.
Yellen's letter indicates that the looming debt ceiling fight involving Congress and the new administration is likely to take place in the early months of next year after President-elect" 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 measures," Yellen wrote in her letter, addressed to House Speaker Mike Johnson, R-La.Trump says his inaugural will be about unity.
The dates Yellen cited could shift down the line, pushing the deadline further into 2025. The federal government can often operate for months under the "extraordinary measures" or accounting maneuvers Yellen referenced in her letter.
DEBT CEILING CONGRESS TREASURY JANET YELLEN DONALD TRUMP
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