US Treasury Hits Debt Ceiling, Begins Using "Extraordinary Measures", Yellen Tells Congress

One week ago we correct predicted that the Treasury would hit its debt ceiling today, and as expected, in a letter to House speaker Kevin McCarthy, Yellen today wrote that “beginning on January 19, the outstanding debt of the United States was projected to reach the statutory limit” and that the “Treasury began using extraordinary measures” today. Some more details from the letter:

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