Yellen Warns of ‘Irreparable Harm’ as Debt Limit nears

Andrew Harrer/Bloomberg
Like
Like Love Haha Wow Sad Angry

Treasury Secretary Janet Yellen notified Congress on Friday that the U.S. is projected to reach its debt limit on Thursday and will then resort to “extraordinary measures” to avoid default.

In a letter to House and Senate leaders, Yellen said her actions will buy time until Congress can pass legislation that will either raise the debt limit or suspend it again for a period of time.

Those measures include delaying some payments, such as contributions to federal employees’ retirement plans, in order to provide some headroom to make other payments that are deemed essential, including those for Social Security and debt instruments.

Read more at Newsmax.com

What Are Your Thoughts?

comments

Chuck comes from a lineage of journalism. He has written for some of the webs most popular news sites. He enjoys spending time outdoors, bull riding, and collecting old vinyl records. Roll Tide!