Treasury Sec: Congress Must Act Quickly On Debt Limit

Axios reports:

Treasury Secretary Janet Yellen warned Congress on Friday that “extraordinary measures” will be necessary as early as Jan. 14 unless Congress acts to raise or otherwise suspend the debt ceiling.

President-elect Trump has voiced support to abolish the debt limit despite some of his supporters historically opposing action to raise the debt ceiling during Democratic administrations.

The debt limit, which reflects the amount the U.S. government is allowed to borrow to pay for services including Social Security and Medicare benefits, was suspended through Jan. 1, 2025, when the Fiscal Responsibility Act of 2023 went into effect.

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Treasury secretary sends warning urging Congress to act on debt limit https://t.co/pw9MzwOGnr

— Axios (@axios) December 28, 2024