The Treasury Department said the US will reach the debt limit next week, far sooner than many experts had expected.
The US will reach the debt limit on January 19 and then “extraordinary measures” will need to be taken, Treasury Secretary Janet Yellen wrote in a letter to House Speaker Kevin McCarthy. She said that the Treasury Department will pursue those measures, but they will only last a limited amount of time. It is unlikely that the government will exhaust its cash and the “extraordinary measures” before early June, though she said there is “considerable uncertainty” around that forecast, Yellen wrote.
Asked if he could guarantee that Republicans would provide the votes necessary to raise the debt ceiling, McCarthy said: “We don’t want to put any fiscal problems to our economy and we won’t, but fiscal problems would be continuing to do business as usual.” McCarthy also said he “had a very good conversation with the president when he called me, and I told him I’d like to sit down with him early and work through these challenges.” Republicans, he said, would not allow “spending money wastefully.
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