US to Take Extraordinary Steps to Avert a Default, Yellen Says
- Yellen advises Treasury’s extraordinary measures start Jan. 21
- Yellen says Treasury to suspend investments in some accounts
Janet Yellen
Photographer: Kent Nishimura/BloombergThis article is for subscribers only.
Outgoing Treasury Secretary Janet Yellen said her department will start taking special accounting maneuvers as of Jan. 21 to avoid breaching the US debt limit, and urged lawmakers again to take steps to increase or suspend the statutory ceiling.
Yellen wrote in a letter to bipartisan congressional leaders Friday she was advising them “of the extraordinary measures that Treasury will begin using on January 21.” That will be a day after the Biden administration leaves office. “I respectfully urge Congress to act promptly to protect the full faith and credit of the United States.”