Treasury Secretary Janet Yellen sent a letter to top U.S. lawmakers on Friday warning the U.S. is expected to hit its debt limit next week. “I am writing to inform you that beginning on Thursday, January 19, 2023, the outstanding debt of the United States is projected to reach the statutory limit. Once the limit is reached, Treasury will need to start taking certain extraordinary measures to prevent the United States from defaulting on its obligations,” she wrote. Analysts have been warning that the rocky process for electing a House speaker doesn’t bode well for how the debt ceiling will get resolved later this year.
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