US Treasury plans on conducting ‘extraordinary measures’ following Trump inauguration
Date
1/21/2025 6:58:13 AM
(MENAFN) US Treasury Secretary Janet Yellen announced on Friday that the Treasury will implement “extraordinary measures” to prevent the US from breaching its national debt limit, expected to occur between January 14 and January 23. In a letter to Congress, Yellen explained that these measures, including halting payments to civil service retirement accounts, would temporarily avoid default, though she did not specify for how long.
The US debt ceiling, currently around $36 trillion, was raised three times during President Biden's administration. However, President-elect Donald trump has called for the abolition of the debt ceiling, suggesting it is unnecessary as it is consistently raised and merely serves a psychological purpose. Trump's nominee to replace Yellen, Scott Bessent, has expressed support for working with Congress to repeal the debt ceiling.
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