Braking Down The News

Janet Yellen Says Treasury Could Exhaust Cash-Conservation Measures in October

Treasury secretary urges Congress to move quickly to suspend or increase debt ceiling

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WASHINGTON—The Treasury Department could run out of room next month to keep paying the government’s bills on time unless Congress steps in to suspend or raise the federal borrowing limit, Secretary Janet Yellen said in a letter to congressional leaders Wednesday.

Time to raise or suspend the limit is running short against a backdrop of deep partisan disagreements over President Biden’s spending plans, complicating the path forward on Capitol Hill.

 

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