Treasury Secretary Janet Yellen suggested that the United States is on the precipice of economic calamity unless lawmakers act quickly in the coming weeks. Yellen wrote on Friday that the United States will soon need to raise the statutory debt ceiling in order to stay current on its debt service

Yellen, in a letter to House and Senate leaders, noted that the nation’s debt ceiling — the total amount of money the federal government is authorized to borrow to pay for obligations such as Social Security and Medicare benefits — was suspended in June 2023 but will once again be in effect on Jan. 1.

Treasury Secretary Janet Yellen warned Congress that the country could hit the debt ceiling as soon as Jan. 14 in a letter sent Friday.

U.S. Treasury Secretary Janet L Yellen reportedly said on Friday that the government has less than three weeks to raise its debt limit. What Happened: Unless the government raises its debt limit, it will need to take "extraordinary measures" to sustain federal operations starting between Jan.

Janet Yellen is asking Congress to raise or suspend the debt limit so the treasury can keep paying its bills until June.

Outgoing Treasury Secretary Janet Yellen issued a dire warning that "extraordinary measures" will need to be taken to avoid a default on U.S. debt if Congress does not act to raise the debt ceiling soon,

Treasury Secretary Janet Yellen warned Congress on Friday that "extraordinary measures" will be necessary as early as Jan. 14 unless Congress acts to raise or otherwise suspend the debt ceiling. Why it matters: President-elect Trump has voiced support to abolish the debt limit despite some of his supporters historically opposing action to raise the debt ceiling during Democratic administrations.