Reported 1 day ago
U.S. Treasury Secretary Janet Yellen announced that the government will reach its borrowing limit on Tuesday and will start using 'extraordinary measures' to avoid breaching the debt ceiling. With borrowing at $36.08 trillion, Yellen highlighted the uncertainty around how long these measures can last and urged Congress to raise or suspend the debt limit to protect the country's financial integrity. Failure to do so could result in a default with severe economic consequences, as the government struggles to manage more spending than its tax revenue.
Source: YAHOO