Janet Yellen has called on Congress to raise or suspend the country’s debt limit as soon as possible.
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US Treasury Secretary Janet Yellen warned in a letter to Congress that the country could reach its debt limit as early as June and called on lawmakers to quickly raise or suspend the debt limit.
“Our best estimate is that we will be unable to continue to meet all government obligations at the beginning of Juneand potentially as soon as June 1, if Congress does not raise or suspend the debt limit before that time,” it said in the letter.
It should be noted that USA reached its indebtedness limit in January with US$31.4 trillion, for which reason the Treasury Department seeks to borrow $726 billion during the quarter. This implies an increase of US$449 billion more than projected in the first month of the year.
“We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can do serious damage to business and consumer confidence, increase short-term borrowing costs for taxpayers and negatively affect the credit rating of the United States”, Yellen’s letter also points out the urgency of taking action.
Source: Larepublica
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