In a letter Monday to House and Senate leaders, Yellen urged Congress “to ... act as soon as possible” to address the $31.4 trillion limit on its legal borrowing authority.
WASHINGTON — Treasury Secretary Janet Yellen notified Congress on Monday that the U.S. is projected to reach its debt limit as early as June 1, if the body does not raise or suspend the debt limit before then.
The Treasury said Monday it plans to increase its borrowing during the April to June quarter of this year, even as the federal government is close to breaching the debt limit.Listen now and subscribe: Apple Podcasts | Google Podcasts | Spotify | RSS Feed | Omny Studio The U.S. plans to borrow $726 billion during the quarter.
In January, Yellen sent a letter to congressional leaders, stating that her department had begun resorting to “extraordinary measures” to avoid a federal government default. She said it’s “critical that Congress act in a timely manner” to raise or suspend the debt limit.
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