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US Treasury takes action in January to avoid default, Yellen says
(MENAFN) US Treasury Secretary Janet Yellen announced on Friday that the department will implement steps in mid-January to prevent the United States from defaulting on its financial obligations.
"As a result, the debt is expected to temporarily decline, and Treasury does not anticipate needing to take extraordinary measures on January 2 to prevent a default," Yellen explained.
"Treasury now projects that the new debt ceiling will be reached between January 14 and January 23, at which point extraordinary measures will be required," she added in a letter to lawmakers.
Yellen also indicated that the debt is expected to drop by roughly USD54 billion on January 2, primarily due to a planned redemption of nonmarketable securities held by a federal trust fund linked to Medicare payments.
She further urged Congress to take action to safeguard the full faith and credit of the US.
"As a result, the debt is expected to temporarily decline, and Treasury does not anticipate needing to take extraordinary measures on January 2 to prevent a default," Yellen explained.
"Treasury now projects that the new debt ceiling will be reached between January 14 and January 23, at which point extraordinary measures will be required," she added in a letter to lawmakers.
Yellen also indicated that the debt is expected to drop by roughly USD54 billion on January 2, primarily due to a planned redemption of nonmarketable securities held by a federal trust fund linked to Medicare payments.
She further urged Congress to take action to safeguard the full faith and credit of the US.
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