Treasury Secretary Janet Yellen told Congress Tuesday that she believed she would run out of maneuvering room to avoid the nation’s first-ever default soon after December 15.
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United States | Janet Yellen
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Last Updated at November 17, 2021 08:56 IST
US Treasury Secretary Janet Yellen
Treasury Secretary Janet Yellen told Congress Tuesday that she believed she would run out of maneuvering room to avoid the nation’s first-ever default soon after December 15.
In a letter to congressional leaders, Yellen said that she believed Treasury could be left with insufficient resources to keep financing the government beyond December 15.
Yellen’s new date is slightly later than the December 3 date she provided to Congress in a letter to Congress on October 18. That letter was based on the fact that Congress had just passed a $480 billion increase in the debt limit as a stop-gap measure.
As she has done in the past, Yellen urged Congress to deal with the debt limit quickly to remove the possibility of a potential default on the nation’s obligations.
To ensure the full faith and credit of the United States, it is critical that Congress raise or suspend the debt limit as soon as possible, Yellen wrote to congressional leaders.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Wed, November 17 2021. 08:56 IST
Treasury Secretary Janet Yellen told Congress Tuesday that she believed she would run out of maneuvering room to avoid the nation’s first-ever default soon after December 15. Topics United States | Janet Yellen AP | Washington Last Updated at November 17, 2021 08:56 IST US Treasury Secretary Janet Yellen Treasury Secretary Janet Yellen told Congress Tuesday that she believed she would run out of maneuvering room to avoid the nation’s first-ever default soon after December 15. In a letter to congressional leaders, Yellen said that she believed Treasury could be left with insufficient resources to keep financing the government beyond December 15. Yellen’s new date is slightly later than the December 3 date she provided to Congress in a letter to Congress on October 18. That letter was based on the fact that Congress had just passed a $480 billion increase in the debt limit as a stop-gap measure. As she has done in the past, Yellen urged Congress to deal with the debt limit quickly to remove the possibility of a potential default on the nation’s obligations. To ensure the full faith and credit of the United States, it is critical that Congress raise or suspend the debt limit as soon as possible, Yellen wrote to congressional leaders.(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.) Dear Reader, Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. We, however, have a request. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed. Support quality journalism and subscribe to Business Standard. Digital Editor First Published: Wed, November 17 2021. 08:56 IST