Treasury Secretary Janet Yellen advised Congress Tuesday that she believed she would run out of maneuvering room to keep away from the nation’s first-ever default quickly after December 15.
In a letter to congressional leaders, Yellen mentioned that she believed Treasury may very well be left with inadequate assets to maintain financing the federal government past December 15.
Yellen’s new date is barely later than the December 3 date she supplied to Congress in a letter to Congress on October 18. That letter was primarily based on the truth that Congress had simply handed a $480 billion enhance within the debt restrict as a stop-gap measure.
As she has carried out previously, Yellen urged Congress to take care of the debt restrict shortly to take away the potential of a possible default on the nation’s obligations.
To make sure the complete religion and credit score of america, it’s important that Congress increase or droop the debt restrict as quickly as doable, Yellen wrote to congressional leaders.
(Solely the headline and film of this report could have been reworked by the Enterprise Normal employees; the remainder of the content material is auto-generated from a syndicated feed.)
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