Treasury Secretary Janet Yellen said the United States might not be able to pay its bills after December 15 as the United States barrels toward hitting the debt limit. The new so-called x-date comes just over one month after lawmakers reached a short-term deal to raise the debt limit into December. In a letter to congressional leadership on Tuesday, Yellen said while she has a "high degree of confidence" that the Treasury will be able to finance the government through December 15, she said there are scenarios in which the Treasury would be left with "insufficient remaining resources to continue to finance the operations of the U.S. government beyond this date." Yellen had previously said she was confident the U.S. would be able to finance its obligations through December 3. Last month, Congress reached a deal to avoid economic catastrophe by raising the debt limit by $480 billion, which would keep the government running through early December. Yellen's latest letter further refines the projections of when the U.S. government would be unable to pay its bills and could default for the first time in history. WASHINGTON, DC - NOVEMBER 04: Federal Reserve Chair Janet Yellen testifies before the House Finance Committee in the Rayburn House Office Building November 4, 2015 in Washington, DC. Because the Obama administration has yet to appoint a vice chairman for supervision at the Federal Reserve -- as madated by the Dodd-Frank Law -- Yellen is assuming the semi-annual duty for reporting to the committee on the Fed's "supervision and regulation of the financial system." Chip Somodevilla / Getty Images "As the federal government's cash flow is subject to unavoidable variability, I will continue to update Congress as more information becomes available," Yellen wrote in the letter on Tuesday. "To ensure the full faith and credit of the United States, it is critical that Congress raise or suspend the debt limit as soon as possible." As part of the new infrastructure package signed into law by President Biden yesterday, the Treasury will . . . read the full article here.
Keywords: states, treasury, month, able, raise, 15, republicans, debt, secretary, limit, yellen, pay, democrats, united, bills
ORG: Fed, Senate, Congress, Treasury, Capitol Hill, the Federal Reserve, Federal Reserve Chair, the Highway Trust Fund, the House Finance Committee, the Bipartisan Policy Center, the Rayburn House Office Building November,
DATE: 2015, Tuesday, December, one month, this date, yesterday, December 3, Last month, the summer, December 15, NOVEMBER 04, mid-December, early December
NORP: Americans, Democrats, Republican, Republicans
MONEY: $118 billion, $480 billion
CARDINAL: 60, one, three, Billions