US Treasury to take 'extraordinary measures' to avoid debt default
US Treasury Department will start taking «extraordinary measures» next week to avoid risking a default on government debt, Secretary Janet Yellen said Friday, days before President-elect Donald Trump takes office.
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With the government reaching its borrowing limit, the department would start making the moves on Tuesday, the day after the inauguration, Yellen said in a letter to congressional leaders.
That will mean Trump's administration has to grapple immediately with the issue of the debt ceiling — the legal limit on government borrowing to pay bills already incurred.
In the past, Congress has routinely voted to lift this bar, but that tool has become a contentious issue, with Republican budget hawks calling for drastic spending reductions instead.
«Extraordinary measures» are a way for the Treasury to ensure that the US government can keep paying its bills and avoid a hugely destabilizing debt default.
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