Treasury Has About $500 Billion of Headroom After Debt Limit Hit
- Department still at risk of running out of cash later in 2023
- Yellen began extraordinary steps Thursday to avert US default
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The Treasury Department has about $500 billion of extraordinary measures available that will allow the US to dodge a payments default as Congress works out an agreement on raising the debt limit, which the nation hit Thursday.
Treasury Secretary Janet Yellen notified congressional leaders on Thursday that her department would be deploying two special accounting maneuvers to avoid breaching the debt limit. The Treasury later released a list of the extraordinary measures available, with some figures on how much financial space they offer.