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Treasury Secretary: U.S. to Hit Debt Limit Next Week [1]

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Date: 2023-01-13

Treasury Secretary Janet Yellen on Friday said that the U.S. is likely to hit its debt limit on Jan. 19.

According to CNN, the New York Times, and other publications, Yellen said that “extraordinary measures” will need to be taken to avoid financial disaster.

According to CNN:

“Presidents and Treasury secretaries of both parties have made clear that the government must not default on any obligation of the United States, and, as noted, Treasury secretaries in every administration over recent decades have used these extraordinary measures when necessary,” Treasury Secretary Janet Yellen wrote in a letter to House Speaker Kevin McCarthy on Friday. “Yet the use of extraordinary measures enables the government to meet its obligations for only a limited amount of time.” … Yellen said the immediate measures would mean the US would redeem existing investments and suspend new investments of the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund. Reinvestments in the Government Securities Investment Fund of the Federal Employees Retirement System Thrift Savings Plan would also be suspended. Those funds would be made whole once the impasse is settled.

A White House press secretary said that the Biden administration would not negotiate terms over the debt ceiling.

“We will not be doing any negotiation over the debt ceiling, but broadly speaking, at the start of this new Congress, we’re reaching out to all the members … making sure that we have those connections with those new members,” White House press secretary Karine Jean-Pierre said.

According to the New York Times,

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[1] Url: https://www.dailykos.com/stories/2023/1/13/2147084/-Treasury-Secretary-U-S-to-Hit-Debt-Limit-Next-Week

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