US Treasury to take ‘extraordinary measures’ after Trump inauguration – INA NEWS
US Treasury Secretary Janet Yellen has mentioned her division will take “extraordinary measures” to forestall the US from hitting the nationwide debt restrict on Tuesday, someday after President-elect Donald Trump takes workplace.
In a letter to Congress on Friday, Yellen defined that the US will hit its roughly $36 trillion debt restrict between January 14 and January 23, probably resulting in a default.
To keep away from this risk, Yellen mentioned the Treasury Division will use quite a lot of accounting tips, together with pausing funds into civil service retirement accounts till Congress and the president agree to lift the debt ceiling once more. Yellen didn’t say for a way lengthy her measures will forestall a default.
The US debt ceiling was raised 3 times throughout President Joe Biden’s time period within the White Home. Final month, Trump pressed Home Republicans to incorporate one other elevate in a stopgap spending invoice, however the proposal was finally defeated by dozens of fiscal conservatives within the GOP.
Trump has repeatedly mentioned that the debt ceiling must be abolished altogether to keep away from such near-yearly showdowns, arguing that the restrict – which is meant to limit authorities borrowing – is pointless when it’s repeatedly raised.
”It doesn’t imply something, besides psychologically,” he instructed NBC Information final month. “The Democrats have mentioned they wish to do away with it. In the event that they wish to do away with it, I’d lead the cost.”
Scott Bessent, Trump’s decide to switch Yellen, has mentioned he would work with Congress to repeal the debt ceiling if instructed by Trump.
US Treasury to take ‘extraordinary measures’ after Trump inauguration
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