The new debt limit is expected to be reached by mid-January.
Secretary of the Treasury has alerted the House of Representatives that the United States will likely hit its debt ceiling by mid-January.
“Treasury currently expects to reach the new limit between January 14 and January 23, at which time it will be necessary for Treasury to start taking extraordinary measures,” Secretary Yellen wrote in her letter to Speaker of the House Mike Johnson. “I respectfully urge Congress to act to protect the full faith and credit of the United States.”
The Treasury secretary did not define what “extraordinary measures” the Treasury may take to avoid default in her request for Congressional action. In the past, the Treasury has been able to prevent defaulting without Congressional action for several months.
As the Lord Leads, Pray with Us…
- For wisdom for Secretary Yellen and Treasury officials as they seek means to fulfill the nation’s financial obligations.
- For Speaker Johnson and members of the House as they consider the deb ceiling limit.
Sources: Department of the Treasury, Politico
