Search results
Results From The WOW.Com Content Network
“Extraordinary measures” will be needed to keep the US from defaulting on its obligations if the nation’s debt ceiling isn’t raised or suspended by mid-January, Treasury Secretary Janet ...
The US will need to take "extraordinary measures" to avoid defaulting on its debt as early as January 14, Treasury Secretary Janet Yellen warned in a letter on Friday.
“Treasury currently expects to reach the new limit between January 14 and January 23, at which time it will be necessary for Treasury to start taking extraordinary measures,” Yellen wrote in ...
Extraordinary measures are accounting maneuvers that the Treasury uses to enable the federal government to continue to meet its various financial obligations while there is an impasse over the debt ceiling. Said measures were first used by it in 1985, and Congress granted the Treasury permission to continue using them the following year. [6]
Other organizations, including the Congressional Budget Office (CBO), projected exhaustion of the extraordinary measures in October or possibly November. [20] On August 26, 2013, Treasury informed Congress that if the debt ceiling was not raised in time, the United States would be forced to default on its debt sometime in mid-October. [21]
The crisis was deferred with the suspension of the limit on February 4, and the cancellation of the extraordinary measures. The measures were again invoked at the end of the ceiling's suspension on May 19, 2013, with the date of exhaustion of the resources and the default trigger date being estimated by the Treasury as October 17. [50]
The new ceiling is the amount of outstanding debt subject to the limit at the end of the previous day. ... Treasury’s cash and extraordinary measures should last for at least several months ...
Yellen said in the letter that the debt ceiling could be reached between Jan. 14 and Jan. 23, at which point the Treasury would, "start taking extraordinary measures," to prevent the country from ...