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Treasury Secretary Warns Congress US Will Hit Debt Ceiling Within a Week

Started by Epoch-Times-Bot, Jan 13, 2023, 01:30 PM

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Epoch-Times-Bot

Jan 13, 2023, 01:30 PM
Treasury Secretary Warns Congress US Will Hit Debt Ceiling Within a Week

Treasury Security Janet Yellen warned the United States is projected to hit its $31.4 trillion debt borrowing limit by next week, according to a letter she sent to congressional leaders on Friday.
In a letter (pdf) to House Speaker Kevin McCarthy (R-Calif.), Yellen wrote that according to projections, the country will hit the debt ceiling by Jan. 19. If that deadline passes without Congressional action to raise the borrowing limit, the Treasury would have to take “certain extraordinary measures” to avoid a default on its obligations.
Measures that could be implemented by the Treasury Department include temporarily redeeming existing and suspending new investments of the Postal Service Retiree Health Benefits Fund as well as the Civil Service, Retirement, and Disability Fund. The Department would also suspend investment into the Government Securities Investment Fund of the Federal Employees Retirement System Thrift Savings Plan, she said....

Source: Treasury Secretary Warns Congress US Will Hit Debt Ceiling Within a Week

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Sep 01, 2024, 01:02 PM
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