WASHINGTON (Sputnik) – The United States is expected to reach a new debt limit between January 14-23, the Secretary of the Treasury Janet Yellen said on Friday.
After expiration of the current debt ceiling suspension, the new limit will be established on January 2, 2025 at the amount of outstanding debt subject to the statutory limit at the end of the previous day. According to Yellen, Treasury does not expect to start taking extraordinary measures on January 2 as the outstanding debt subject to the limit is projected to decrease by approximately $54 billion.
«Treasury currently expects to reach the new limit between January 14 and January 23, at which time it will be necessary for Treasury to start taking extraordinary measures,” Yellen said in a letter to all members of Congressional leadership.
She urged lawmaker to take measures to prevent the US from defaulting on its obligations.
“I respectfully urge Congress to act to protect the full faith and credit of the United States,” Yellen added.
