NEW: US will debt ceiling next week, Janet Yellen says in announcing 'extraordinary measures'
Federal debt is projected to reach the statutory limit next Thursday. In a letter to House Speaker Kevin McCarthy, Yellen said that the Treasury Department will take “extraordinary measures” to prevent the U.S. from defaulting on its obligations, but that the Treasury will only have a few months before those measures are exhausted.Yellen said that the temporary actions to prevent the country from defaulting would be sufficient to carry the U.S.
She said, “The use of extraordinary measures enables the government to meet its obligations for only a limited amount of time. It is therefore critical that Congress act in a timely manner to increase or suspend the debt limit.” Yellen said that Congress must act to raise or suspend the cap, or the U.S. could fall behind on its obligations or fail to make a payment on the debt, a scenario that would have catastrophic effects on global financial markets. Yellen said failure to meet the government’s obligations would cause “irreparable harm” to the economy.
Raising the ceiling has resulted in tension in the past, as the party out of power has often demanded concessions for agreeing on an increase.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US Treasury Secretary Yellen: Seeing path to soft landing for US economyUS Treasury Secretary Janet Yellen told the NPR on Friday that inflation has been quite moderate for the last six months but noted that rent indexes w
Read more »
GOP Rep. James Comer presses Treasury for Hunter Biden financial dataRep. James Comer (R-Ky.) on Wednesday restated his demand that Treasury Secretary Janet Yellen provide financial information about first son Hunter Biden’s overseas business deals, saying his…
Read more »
U.S. will hit its debt limit Thursday, start taking steps to avoid default, Yellen warns CongressTreasury Secretary Janet Yellen wrote House Speaker Kevin McCarthy, 'It is unlikely that cash and extraordinary measures will be exhausted before early June.'
Read more »
Treasury secretary says US expected to hit debt limit Thursday, plans for 'extraordinary measures'Treasury Secretary Janet Yellen notified Congress on Friday that the U.S. is projected to reach its debt limit on Thursday and will then resort to 'extraordinary measures' to avoid default.
Read more »
Comer Asks Yellen for Biden Family's Suspicious Bank ReportsHouse Oversight Committee Chairman RepJamesComer (R-KY) on Wednesday demanded Treasury Secretary Janet Yellen convey bank records from the Biden family business that were flagged by U.S. banks as suspicious.
Read more »
Yellen leads new U.S.-Africa policy with trip to Senegal, Zambia, South AfricaU.S. Treasury Secretary Janet Yellen will travel to Senegal, Zambia and South Africa during the next two weeks, as the United States aims to strengthen ties with a continent that has been the focus of Chinese trade and investment for years.
Read more »