Yellen urges Congress to lift debt limit
United States Treasury Secretary Janet Yellen urged Congress to lift the debt limit which was reinstated on August 1. In a letter addressed to House of Representatives Speaker Nancy Pelosi on Wednesday, Yellen warned that without such action, “cash and extraordinary measures will be exhausted during the month of October.”
Measures that have been implemented since the reinstatement of the limit in order to continue financing the government include “a suspension of certain investments in the Civil Service Retirement and Disability Fund, the Postal Service Retiree Health Benefits Fund and the Government Securities Investment Fund of the Federal Employees’ Retirement System Thrift Savings Plan.”
Yellen warned that once these are “fully exhausted, the United States of America would be unable to meet its obligations for the first time in our history,” and urged Congress to “protect the full faith and credit of the United States by acting as soon as possible.”
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