WASHINGTON, Jan 14 — US Treasury Secretary Janet Yellen said yesterday that the United States will likely hit the US$31.4 trillion (RM136.11 trillion trillion) statutory debt...
WASHINGTON, Jan 14 — US Treasury Secretary Janet Yellen said yesterday that the United States will likely hit the US$31.4 trillion statutory debt limit on January 19, forcing the Treasury to launch extraordinary cash management measures that can likely prevent default until early June.
“While Treasury is not currently able to provide an estimate of how long extraordinary measures will enable us to continue to pay the government’s obligations, it is unlikely that cash and extraordinary measures will be exhausted before early June,” the letter added. The White House said yesterday after Yellen’s letter that it will not negotiate over raising the debt ceiling.
House Republicans’ payment prioritisation plan may also stipulate that the Treasury Department should continue making payments on Social Security, Medicare and veterans benefits, as well as funding the military, the newspaper added. Analysts have noted that some Treasury bills maturing in the second half of the year are sporting a premium in their yields that may be tied to elevated risk of a default in that window.
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