cloudy.png
Monday January 17th, 2022 4:45PM
12:00AM ( 16 hours ago ) Weather Alert
3:00PM ( 2 days ago ) Weather Alert

Yellen extends to Dec. 15 date for potential debt default

By The Associated Press
Related Articles
  Contact Editor

WASHINGTON (AP) — Treasury Secretary Janet Yellen told Congress Tuesday that she believed she would run out of maneuvering room to avoid the nation's first-ever default soon after Dec. 15.

In a letter to congressional leaders, Yellen said that she believed Treasury could be left with insufficient resources to keep financing the government beyond Dec. 15.

Yellen's new date is 12 days later than the Dec. 3 date she provided in a letter to Congress on Oct. 18. That letter was based on the fact that Congress had just passed a $480 billion increase in the debt limit as a stop-gap measure.

As she has done in the past, Yellen urged Congress to deal with the debt limit quickly to remove the possibility of a potential default on the nation's obligations.

“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,” Yellen wrote to congressional leaders.

Yellen has repeatedly warned that failure to deal with the debt limit and allowing the government to default would be catastrophic and likely push the country into a recession.

In her letter, Yellen said that the extra time reflected more up-to-date estimates of government revenues and spending and also was impacted by the infrastructure bill that President Joe Biden signed into law on Monday. That legislation requires the transfer by Treasury of $118 billion by Dec. 15 into the Highway Trust Fund.

Yellen said after that while she had a “high degree of confidence she will be able to finance the U.S. government through Dec. 15” and complete the highway trust fund transfer, there are scenarios where the government will be left with insufficient resources to finance operations beyond the Dec. 15 date, she said.

The need to raise or suspend the debt limit is just one of the budget issues facing Congress. Lawmakers must also approve a budget by Dec. 3 when the current stop-gap funding measures runs out. Failure to do that would trigger a government shutdown.

And Democrats are aiming to approve a $1.75 trillion measures to expand the social safety net and deal with climate change threats. Speaker Nancy Pelosi has said she hopes the House can pass this measure, which Republicans oppose, this week. It must also pass the Senate.

  • Associated Categories: Associated Press (AP), AP National News, Top General short headlines, AP Online Headlines - Washington, AP Online Congress News, AP Business
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Biden touts infrastructure bill at snowy, rusty bridge in NH
Fighting sagging poll ratings, President Joe Biden has set out on a national tour to persuade everyday Americans of the benefits of his big, just-signed infrastructure plan
6:10PM ( 15 minutes ago )
Bishops urged to listen as they consider Communion document
U.S. Catholic bishops are preparing a teaching document on Communion, which some are linking to debates over whether Catholic politicians like President Joe Biden should receive Communion if they support legal abortion
5:56PM ( 29 minutes ago )
AP source: House to vote on censuring Gosar over video
Republican Rep. Paul Gosar of Arizona is facing censure in the House over a violent video he posted online
5:56PM ( 29 minutes ago )
Associated Press (AP)
GOP-majority court chosen to consider Biden vaccine mandate
A ping-pong ball may have bounced in Republicans' favor as a GOP-dominated court was selected at random to consider the fate of President Joe Biden's mandate that larger employers require workers to be vaccinated
5:37PM ( 48 minutes ago )
Richardson adds to diplomatic wins with journalist's release
Bill Richardson’s success in helping secure the release of journalist Danny Fenster from a Myanmar prison is the latest demonstration of the former New Mexico governor’s knack for flying into some the most closed societies on earth and persuading those in charge to do Washington a favor
4:55PM ( 1 hour ago )
Scion of Polish nobility jailed in property restitution case
A Warsaw court has confirmed the arrest order for a Polish businessman who is a descendent of one of Poland’s aristocratic families
4:02PM ( 2 hours ago )
AP Online Headlines - Washington
Xi-Biden talks raise hope for better ties but strains remain
China has welcomed a virtual meeting between President Xi Jinping and U.S. President Joe Biden as raising hopes for better relations, while the U.S. was more muted on the talks
1:10PM ( 5 hours ago )
UK govt vows to toughen rules for lawmakers after ethics row
British Prime Minister Boris Johnson has proposed a ban on lawmakers acting as “paid consultants” and promised to tighten ethics rules in response to scandals over lobbying and outside jobs
1:04PM ( 5 hours ago )
Leahy gives emotional speech in Senate on retirement plans
A day after announcing he will not seek reelection, Democratic Sen. Patrick Leahy of Vermont has told his colleagues in an emotional speech on the Senate floor that the chamber has become a family to him over the last nearly 47 years
1:02PM ( 5 hours ago )
AP Online Congress News
CDC panel to discuss expanding COVID booster shots Friday
An influential U.S. advisory panel will discuss expanding eligibility for COVID-19 vaccine booster shots to all adults Friday, a move that could make the shots available as early as this weekend
5:06PM ( 1 hour ago )
Pfizer agrees to let other companies make its COVID-19 pill
Drugmaker Pfizer Inc. has signed a deal with a U.N.-backed group to allow other manufacturers to make its experimental COVID-19 pill
5:00PM ( 1 hour ago )
'Red Notice,' 'Squid Game' top Netflix hours-watched metric
Netflix on Tuesday rolled out a new website that measures its most-watched films and series by the amount of hours users spend watching them
4:24PM ( 2 hours ago )
AP Business
Biden touts infrastructure bill at snowy, rusty bridge in NH
Fighting sagging poll ratings, President Joe Biden has set out on a national tour to persuade everyday Americans of the benefits of his big, just-signed infrastructure plan
6:10PM ( 15 minutes ago )
Bishops urged to listen as they consider Communion document
U.S. Catholic bishops are preparing a teaching document on Communion, which some are linking to debates over whether Catholic politicians like President Joe Biden should receive Communion if they support legal abortion
5:56PM ( 29 minutes ago )
AP source: House to vote on censuring Gosar over video
Republican Rep. Paul Gosar of Arizona is facing censure in the House over a violent video he posted online
5:56PM ( 29 minutes ago )
Leahy retirement sets off scramble in Vermont for successor
Democrat Patrick Leahy’s announcement that he will retire after eight terms in the Senate has set off a scramble in Vermont over the rare opening in the state’s tiny congressional delegation
5:55PM ( 31 minutes ago )
Boosters for all adults in US closer with panel meeting set
An influential U.S. advisory panel will discuss expanding eligibility for COVID-19 vaccine booster shots to all adults Friday, a move that could make the shots available as early as this weekend
5:45PM ( 41 minutes ago )