The Treasury secretary urged Congress to protect the full faith and credit of the United States by raising the debt limit.The New York Times reports that Treasury Secretary Janet L. Yellen has urged Congress to take action in protecting the full faith and credit of the United States by raising the debt limit. In a letter issued on Friday, Ms. Yellen warned that if lawmakers do not act by January 14th, she will have to resort to using “extraordinary measures” to prevent the country from defaulting on its debt. These measures, which include suspending certain investments and health plans, are temporary solutions to keep the government from exceeding its borrowing limit. The debt limit was previously suspended in 2023, but is set to expire on January 2nd, putting pressure on Congress to act quickly. Failure to raise the debt limit could result in the United States being unable to make important payments, such as funding for social programs and salaries for military members. Ms. Yellen emphasized the importance of Congress taking action to protect the country’s financial stability and avoid a potential default.
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