{"id":42226,"date":"2023-01-15T18:25:36","date_gmt":"2023-01-15T18:25:36","guid":{"rendered":"http:\/\/www.brandon.ddtest.info\/multisite-test\/yellen-says-us-is-projected-to-hit-debt-ceiling-on-jan-19\/"},"modified":"2023-01-15T18:25:36","modified_gmt":"2023-01-15T18:25:36","slug":"yellen-says-us-is-projected-to-hit-debt-ceiling-on-jan-19","status":"publish","type":"post","link":"http:\/\/www.brandon.ddtest.info\/multisite-test\/yellen-says-us-is-projected-to-hit-debt-ceiling-on-jan-19\/","title":{"rendered":"Yellen says US is projected to hit debt ceiling on Jan. 19"},"content":{"rendered":"<p> \n<\/p>\n<div>\n<p>Treasury Secretary Janet Yellen said the U.S. is projected to reach its roughly $31.4 trillion borrowing limit in less than a week.<\/p>\n<p>Yellen shared the estimate in a letter to Speaker Kevin McCarthy (R-Calif.)\u00a0<a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/Debt-Limit-Letter-to-Congress-McCarthy-20230113.pdf\">on Friday<\/a>. She also warned the department would soon have to begin taking \u201cextraordinary measures\u201d to stave off a default to buy time for Congress to find a bipartisan solution.<\/p>\n<aside class=\"ad-unit ad-unit--mr1_ab\">\n<\/aside>\n<p>Those measures include temporarily redeeming existing and suspending new investments of the Civil Service, Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund, as well as suspending reinvestment of the Government Securities Investment Fund of the Federal Employees Retirement System Thrift Savings Plan.<\/p>\n<p>Yellen added that the funds would be \u201cmade whole\u201d after the debt limit impasse has ended.\u00a0<\/p>\n<p>While the secretary said it\u2019s unlikely cash and extraordinary measures will run out before early June, she stressed the measures will only last for \u201ca limited amount of time\u201d and pressed for Congress to \u201cact in a timely manner\u201d to raise or suspend the ceiling.<\/p>\n<aside class=\"thehill-promo-link\">\n\t\t<a href=\"https:\/\/thehill.com\/policy\/technology\/3812869-tech-companies-under-fire-after-brazilian-riots-repeat-jan-6-pattern\/\" class=\"thehill-promo-link__link\" target=\"_blank\" rel=\"noopener\"><br \/>\n\t\tTech companies under fire after Brazilian riots repeat Jan. 6 pattern\t<\/a><br \/>\n\t\t<a href=\"https:\/\/thehill.com\/policy\/energy-environment\/3813329-newsom-calls-for-californians-to-be-vigilant-as-more-storms-threaten-to-bring-flooding-mudslides\/\" class=\"thehill-promo-link__link\" target=\"_blank\" rel=\"noopener\"><br \/>\n\t\tNewsom calls for Californians to \u2018be vigilant\u2019 as more storms threaten to bring flooding, mudslides\t<\/a><br \/>\n\t<\/aside>\n<p>The letter to McCarthy comes as <a href=\"https:\/\/thehill.com\/homenews\/senate\/3799320-lawmakers-say-mccarthy-speaker-fight-portends-debt-ceiling-crisis\/\" data-type=\"URL\" data-id=\"https:\/\/thehill.com\/homenews\/senate\/3799320-lawmakers-say-mccarthy-speaker-fight-portends-debt-ceiling-crisis\/\">a high-stakes fight over raising the debt ceiling<\/a> looms over the further Congress after Republicans took back control of the lower chamber last week.<\/p>\n<p>McCarthy <a href=\"https:\/\/thehill.com\/policy\/finance\/overnights\/3807790-on-the-money-lawmakers-fear-debt-ceiling-crisis\/\">has pressed<\/a> for any action to address the debt ceiling to be tied to spending cuts sought by Republicans. However, proposals for significant cuts are likely to find trouble in the Senate, where Democrats still hold control.<\/p>\n<p>\u201cIf you\u2019re going to ask for an increase in the limit, at some point in time, you\u2019ve got to sit down and say why are we hitting the limit? Why are we maxing out the credit card?\u201d House Majority Leader Steve Scalise (R-La.) told reporters earlier this week.<\/p>\n<\/div>\n\n<br \/><a href=\"https:\/\/news.google.com\/__i\/rss\/rd\/articles\/CBMiZWh0dHBzOi8vdGhlaGlsbC5jb20vcG9saWN5L2ZpbmFuY2UvMzgxMjM2Ni15ZWxsZW4tc2F5cy11cy1pcy1wcm9qZWN0ZWQtdG8taGl0LWRlYnQtY2VpbGluZy1vbi1qYW4tMTkv0gFpaHR0cHM6Ly90aGVoaWxsLmNvbS9wb2xpY3kvZmluYW5jZS8zODEyMzY2LXllbGxlbi1zYXlzLXVzLWlzLXByb2plY3RlZC10by1oaXQtZGVidC1jZWlsaW5nLW9uLWphbi0xOS9hbXAv?oc=5\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen said the U.S. is projected to reach its roughly $31.4 trillion borrowing limit in less than a week. Yellen shared the estimate in a letter to Speaker Kevin McCarthy (R-Calif.)\u00a0on Friday. She also warned the department would soon have to begin taking \u201cextraordinary measures\u201d to stave off a default to buy &hellip;<\/p>\n","protected":false},"author":1,"featured_media":42227,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[161],"tags":[],"_links":{"self":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/42226"}],"collection":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/comments?post=42226"}],"version-history":[{"count":0,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/42226\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media\/42227"}],"wp:attachment":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media?parent=42226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/categories?post=42226"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/tags?post=42226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}