US treasury to take action in January to prevent default, Yellen announces
Date
12/29/2024 2:37:47 AM
(MENAFN) The US Treasury Department will take actions in mid-January to stop the US from defaulting on its duty, Secretary Janet Yellen said Friday.
"As a result, the debt is currently projected to temporarily decrease, and accordingly, Treasury does not expect that it will be necessary to start taking extraordinary measures on January 2 to prevent the United States from defaulting on its obligations.”
"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 stated in a statement to legislators.
Yellen stated US' debt is predicted to decline approximately USD54 billion on Jan. 2 "mostly due to a scheduled redemption of nonmarketable securities held by a federal trust fund associated with Medicare payments."
She also called on Congress to do something to protect the full faith and glory of the US.
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