US Treasury Secretary Janet Yellen urged Congress to act “as quickly as possible” to raise the debt ceiling.
US Treasury Secretary Janet Yellen urged Congress to act “as quickly as possible” to raise the debt ceiling. The two-year suspension expired on Sunday.
“I urge Congress to protect the full confidence and credibility of the United States by acting as quickly as possible,” she wrote to congressional leaders on Monday (local time).
The federal government’s borrowing limit was reached on Sunday after a two-year suspension. Yellen said Congress must act now so that the United States can meet its fiscal commitments without having to cut spending.
According to analysts, there may be another budget freeze at the end of September. The United States has experience with such shutdowns due to the debt ceiling being reached. Since 1990, there have been several shutdowns by the federal government. Because of the blockade known as “the shutdown,” federal employees will no longer be paid.
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