Janet Yellen tells Congress US could hit debt limit in mid-January

Associated Press

WASHINGTON (AP) — Treasury Secretary Janet Yellen says her agency will need to start taking “extraordinary measures,” or special accounting maneuvers intended to prevent the nation from hitting the debt ceiling, as early as January 14th, in a letter sent to congressional leaders Friday afternoon. The department has taken such action in the past. But once those measures run out the government risks defaulting on its debt unless lawmakers and the president agree to lift the limit on the U.S. government’s ability to borrow.