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Janet Yellen: US to breach its debt limit by December 15

Janet Yellen: US to breach its debt limit by December 15

The US may again face the risk of the government default. US Treasury Secretary Janet Yellen called on Congress to raise or freeze the debt ceiling by December 15. She supposes that “there are scenarios in which Treasury would be left with insufficient remaining resources to continue to finance the operations of the US government beyond this date.” Notably, the US faces such a problem quite regularly. In fact, the procedure usually takes place in a particular period of time. However,  the Treasury Secretary once again had to remind Congress that it was high time to take a decision. “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,” Janet Yellen said.
Not so long ago, Congress raised the statutory debt limit by $480 billion. This sum was expected to prevent a default and to allow the government to continue borrowing through early December.

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