13 sources·Politics

U.S. Faces Looming Debt Ceiling Crisis as Treasury Warns of Extraordinary Measures

Treasury Secretary Yellen warns Congress that the U.S. may hit its debt ceiling as soon as January 14, urging immediate action to prevent default.

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Updated: Dec 28th, 2024, 6:58 PM ET

Summary

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Treasury Secretary Janet Yellen has warned that the U.S. could hit its debt ceiling between January 14 and January 23, prompting the use of extraordinary measures. Without congressional action, the government risks defaulting on its debts. The debt ceiling was suspended until January 2025, but rising interest payments are straining economic stability. Republicans debate plans for funding and President-elect Trump suggests eliminating the debt ceiling altogether. Yellen emphasizes the urgency of action to preserve the country's creditworthiness.

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