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The Independent UK
The Independent UK
National
Fatima Hussein

Yellen tells Congress US expected to hit debt limit Thursday

Janet Yellen United States Joe Biden Republican Party
Copyright 2022 the Associated Press. All Rights Reserved

Treasury Secretary Janet Yellen notified Congress on Friday that the U.S. is projected to reach its debt limit on Thursday and will then resort to “extraordinary measures” to avoid default.

In a letter to House and Senate leaders, Yellen said her actions will buy time until Congress can pass legislation that will either raise the nation's $31.4 trillion borrowing authority or suspend it again for a period of time.

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