Treasury Secretary Janet Yellen warned Congress that extraordinary measures will be necessary to prevent the U.S. from hitting its debt ceiling between January 14 and 23, indicating financial limits ahead.
Yellen clarified the implications of hitting the debt ceiling, stating that the Treasury won't be able to borrow more funds, risking a potential default on debt payments, which has never occurred in U.S. history.
Highlighting the urgency of action, Yellen stated, 'I respectfully urge Congress to act to protect the full faith and credit of the United States,' emphasizing the importance of timely legislative response.
As the debt limit suspension is set to expire on January 2, 2025, Yellen's update underscores the financial shortfall expected shortly thereafter, prompting necessary discussions among legislators.
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