Yellen warns lawmakers U.S. Treasury to hit debt limit Oct. 18 By Reuters

© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen testifies earlier than the Senate Appropriations Subcommittee on Monetary Providers in regards to the FY22 Treasury price range request on Capitol Hill, in Washington, DC, U.S., June 23, 2021. Shawn Thew/Pool through REUTERS/

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen on Tuesday once more warned lawmakers that the nation was near exhausting its federal borrowing capabilities – now set for Oct. 18 – and urged Congress to behave in an effort to avert “severe hurt” to the economic system.

“At that time, we count on Treasury could be left with very restricted assets that may be depleted shortly,” she wrote in her newest letter to congressional leaders.

“It’s unsure whether or not we might proceed to fulfill all of the nation’s commitments after that date,” she added within the letter, in the future after Senate Republicans rejected a measure to lift the nation’s borrowing restrict to pay for beforehand incurred authorities spending.

The Treasury had already enacted “extraordinary measures” to maintain authorities funds flowing after the debt ceiling was reached over the summer season. However these measures will run out in about 20 days, though the precise date might differ, Yellen mentioned.

“This uncertainty underscores the important significance of not ready to lift or droop the debt restrict,” she mentioned.

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