U.S. will hit its debt limit Thursday, Yellen warns Congress
Janet Yellen, US Treasury secretary, speaks during a Financial Stability Oversight Council (FSOC) meeting at the Treasury Department in Washington, DC, US, on Friday, Dec. 16, 2022.
Ting Shen | Bloomberg | Getty Images
Treasury Secretary Janet Yellen on Friday notified Congress that the U.S. will reach its statutory debt limit next Thursday and that the Treasury Department will begin “taking certain extraordinary measures to prevent the United States from defaulting on its obligations.”
Yellen wrote that although the Treasury Department “is not currently able” to estimate how long those emergency actions will allow the U.S. to pay for government obligations, “It is unlikely that cash and extraordinary measures will be exhausted before early June.”
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