The US Treasury Department will start taking 'extraordinary measures' next week to avoid risking a default on government debt, Secretary Janet Yellen said Friday, days before President-elect Donald Trump takes office.
The US Treasury Department will start taking"extraordinary measures" next week to avoid risking a default on government debt, Secretary Janet Yellen said Friday, days before President-elect Donald Trump takes office.
In the past, Congress has routinely voted to lift this bar, but that tool has become a contentious issue, with Republican budget hawks calling for drastic spending reductions instead. She noted there are challenges to forecasting the government's payments and revenue months into the future. It would redeem a part of investments held by the fund, and also suspend added investments of amounts credited to the Postal Service Retiree Health Benefits Fund."Federal retirees and employees will be unaffected by these actions," she said.
During December budget negotiations in Congress, Trump insisted the debt ceiling be raised or even eliminated altogether, although he was unsuccessful at the time.
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