Treasury Secretary Janet L. Yellen informed Congress that on January 21, the Treasury would begin implementing extraordinary measures to avert a government default. This pressing concern marks one of her final acts before the incoming Trump administration takes office. Yellen emphasized the gravity of the situation, pointing out that the existing debt limit only covers spending previously approved by Congress and does not allow for any new expenditures. Her letter served as a crucial reminder to both lawmakers and the next Treasury secretary about the urgent need for action to safeguard the federal government's financial commitments.
In her communication, Yellen urged Congress, saying, "I respectfully urge Congress to act promptly to protect the full faith and credit of the United States." This statement reflects the seriousness of the financial dilemma that the U.S. faces under the limitations imposed by the debt ceiling. While she will soon step down from her role, her warning serves as a critical reminder of the responsibilities that the next administration and Congress must shoulder in the coming days and weeks.
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