Janet Yellen Congress Has Until Oct. 18 To Raise Debt Ceiling Avoid First Ever Default
In a letter addressed to House Speaker Nancy Pelosi on Tuesday, Yellen warned that the department could only finance the operations of the federal government through mid-October if action isn’t taken. “We now estimate that Treasury is likely to exhaust its extraordinary measures if Congress has not acted to raise or suspend the debt limit by October 18,” Yellen wrote. “At that point, we expect Treasury would be left with very limited resources that would be depleted quickly....