U.S. To Hit Debt Ceiling Next WEEK: $31.4 Trillion

WASHINGTON, DC - SEPTEMBER 22: U.S. Treasury Secretary Janet Yellen speaks at the Atlantic Festival on September 22, 2022 in Washington, DC. Yellen spoke on fiscal policy and the Biden Administration's plan to flight inflation and the slowing economy. (Photo by Kevin Dietsch/Getty Images)

At a glance

  • The United States will hit the federal debt limit next week, and the Treasury will begin taking action to keep the government from defaulting on its debt, Treasury Secretary Janet Yellen announced.
  • Federal debt is projected to reach the statutory limit next Thursday. In a letter to House Speaker Kevin McCarthy, Yellen said that the Treasury Department will take “extraordinary measures” to prevent the U.S. from defaulting on its obligations, but that the Treasury will only have a few months before those measures are exhausted.
  • Yellen said that the temporary actions to prevent the country from defaulting would be sufficient to carry the U.S. through early June, setting up a rough deadline for a showdown in Congress, which now has a Republican-controlled House.

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