Treasury Department will begin taking special cash-preservation measures on Monday to prevent the U.S. government from defaulting on its debt
Congress missed a key deadline to raise or suspend the debt ceiling Monday Treasury Secretary Janet Yellen warned the top four lawmakers in Congress that her department would be forced into 'extraordinary measures' if it was not met She said in late July that failure to meet the deadline would cause 'irreparable harm' to the US economy and the livelihoods of Americans The Treasury is projected to run out of cash to pay its debts sometime in fall Mitch McConnell said Republicans are staunchly opposed to raising the limit Congress almost missed the debt ceiling deadline once before in 2011 By Elizabeth Elkind, Political Reporter For Dailymail.Com
Published: 21:32 BST, 2 August 2021 | Updated: 21:34 BST, 2 August 2021
The US Treasury is being forced into 'extraordinary measures' on Monday after Congress failed to meet a key deadline to raise or suspend the debt ceiling.
The department is taking special cash-preservation measures to prevent the federal government from defaulting on its debts and running out of cash.
Currently the US debt ceiling is roughly $28.5 trillion, which is the legal limit on the amount of debt the government can accrue. It applies to almost all federal debt including more than $22 trillion held by the public and over $6 trillion the government owes itself as a result of borrowing from accounts like the Social Security and Medicare trust funds.
Congress, which is responsible for setting the federal debt limits for the Treasury to act on, voted in 2019 to suspend the $22 trillion debt ceiling until 2021.
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