Treasury Secretary Janet Yellen announced that the U.S. will reach its debt ceiling on January 21, the day after President Trump’s inauguration.
Extraordinary measures will begin immediately to prevent default, including temporary suspension of investments in federal retirement funds.
Yellen urged Congress to act quickly to protect the nation’s financial stability.
Republicans, now in full control of Congress and the White House, are debating pairing debt ceiling action with spending cuts. The national debt exceeds $36 trillion, intensifying fiscal challenges.
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