WASHINGTON - US Treasury Secretary Janet Yellen said on Friday the country will likely hit the US$31.4 trillion (S$41.4 trillion) statutory debt limit on Jan 19, forcing the Treasury to launch extraordinary cash management measures that can likely prevent default until early June.
"Once the limit is reached, Treasury will need to start taking certain extraordinary measures to prevent the United States from defaulting on its obligations," Dr Yellen said in a letter to new Republican House of Representatives Speaker Kevin McCarthy and other congressional leaders.
She urged the lawmakers to act quickly to raise the debt ceiling to "protect the full faith and credit" of the US.
"While Treasury is not currently able to provide an estimate of how long extraordinary measures will enable us to continue to pay the government's obligations, it is unlikely that cash and extraordinary measures will be exhausted before early June," the letter said.
This story is from the January 15, 2023 edition of The Straits Times.
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This story is from the January 15, 2023 edition of The Straits Times.
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