Treasury Secretary Janet Yellen warned Congress that the U.S. is projected to hit its debt limit on Jan. 19.
Treasury Secretary Janet Yellen warned congressional leaders on Friday that the United States is expected to hit the debt limit on Jan. 19 and urged them to raise the debt limit as soon as possible. She said the Treasury Department will start taking necessary steps to keep paying the country's bills, but without congressional action, the United States could default as soon as June.
It"would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability," Yellen wrote. Yellen said it is critical for Congress to act in a timely manner to either increase or suspend the debt limit.
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