Yellen warns of US debt ceiling reaching limit in January. Urges Congress to act. National debt at $36.28 trillion. Concerns raised over financial stability.
Janet Yellen, the US Treasury Secretary, warned in a letter to House Speaker Mike Johnson that the government is likely to reach its debt ceiling in January. Yellen stated that the Treasury will have to resort to ‘extraordinary measures’ to pay government bills. These measures include suspending investments in certain entitlement programs and halting the sale of government securities. Yellen urged Congress to act to protect the full faith and credit of the United States. Currently, America’s national debt is $36.28 trillion, and the government has spent nearly $1 trillion in fiscal year 2024 just to pay debt interest. Yellen recently expressed her concerns about financial stability and lamented the lack of progress in this area.
