"The US will need to take 'extraordinary measures' to avoid defaulting on its debt as early as January 14, Treasury Secretary Janet Yellen warned in a letter on Friday."
"The debt limit is the mechanism that restricts the amount of money the US can borrow. Much of that money goes toward programs like Social Security, Medicare, military salaries, interest on the national debt, and tax refunds."
"Yellen's warning comes days after President-elect Donald Trump pushed Congress to raise or eliminate the debt ceiling entirely. Lawmakers, however, failed to pass a two-year suspension extension while voting on a government spending bill earlier this month."
Collection
[
|
...
]