U.S._ Federal government hits debt limit, clock starts ticking on potential default

THE WASHINGTON TIMES

Federal government hits debt limit, clock starts ticking on potential default

Treasury Secretary Janet Yellen speaks with reporters during a visit to the Virginia Innovation Partnership Corporation incubator at the Center for Innovative Technology campus in Herndon, Va., Oct. 21, 2022. Yellen has notified Congress that the U.S. is projected to ... more >

By Stephen Dinan - The Washington Times - Friday, January 13, 2023


The federal government will bump up against its borrowing limit next week, the Treasury Department said, putting Congress on notice that it must approve an increase or risk Uncle Sam not being able to cover the bills.

Secretary Janet Yellen said Friday her department will use other tools to cover payments, but those tools can only last so long. Once they run out, if Congress and President Biden haven’t agreed to an increase in borrowing authority, the government will be able to pay only according to income.

The current debt limit is $31.381 trillion, which was set in mid-December 2021, when Congress approved a $2.5 trillion increase. It took roughly 13 months to pile up that much red ink.

Ms. Yellen said it’s too early to say how long her other tools can bridge the gap, though she said it will likely extend at least into June.

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READ MORE: https://www.washingtontimes.com/news/2023/jan/13/federal-government-hits-debt-limit-clock-starts-ti/

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