BREAKING: The U.S. is on track to hit its debt limit next week. Sec. Yellen said the Treasury Dept. will begin taking “extraordinary measures” to avoid a default but urged Congress to take further action.
Saul Loeb / AFP - Getty Images fileWASHINGTON — The U.S. is expected to hit the debt ceiling on Jan. 19, Treasury Secretary Janet Yellen warned in a letter to House Speaker Kevin McCarthy, R-Calif., on Friday.
Extraordinary measures allow the government to buy time so that Congress can negotiate and pass a debt limit increase. In the letter, Yellen said the measures enable"the government to meet its obligations for only a limit amount of time." She said that while the Treasury Department can't identify exactly when the measures will be exhausted, she said, it is"unlikely" that they"will be exhausted before early June.
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