Treasury Secretary Janet Yellen warned Congress that the U.S. government could hit its debt limit as early as January 14th, requiring “extraordinary measures” to avoid default. Yellen’s letter to House Speaker Mike Johnson urged action to maintain the country’s credit standing. The debt ceiling limits federal borrowing to meet fiscal obligations. If breached, the government cannot borrow further and risks default. The federal debt currently stands at about $36 trillion. While Democrats advocate raising or abolishing the ceiling, Republicans often oppose these measures, citing high spending. Donald Trump expressed support for abolishing the debt ceiling but failed to secure its extension in a recent funding bill.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Treasury Secretary Janet Yellen warned Congress that the U.S. government could hit its debt limit
00:06as early as January 14th, requiring extraordinary measures to avoid default.
00:12Yellen's letter to House Speaker Mike Johnson urged action to maintain the country's credit
00:16rate in standing. The debt ceiling limits federal borrowing to meet fiscal obligations.
00:21If breached, the government cannot borrow further and risk default. The federal debt
00:25currently stands at about $36 trillion. While Democrats advocate raising or abolishing the
00:30ceiling, Republicans often oppose these measures, citing high spending.
00:34Donald Trump expressed support for abolishing the debt ceiling,
00:37but failed to secure its extension in a recent funding bill.