U.S. will reach the debt limit on January 19: Treasury Secretary Janet Yellen warns Congress she will need to take ‘extraordinary actions’ if no action is taken by next Thursday

Congress raised the debt limit to $31.381 trillion in 2021

The nation’s outstanding debt is set to reach that limit January 19

Yellen said the government could undertake ‘extraordinary measures’ 

But by about June the US would be unable to meet obligations without action

Conservatives forced Kevin McCarthy to demand spending cuts for an increase


Published by markskidmore

Mark Skidmore is Professor of Economics at Michigan State University where he holds the Morris Chair in State and Local Government Finance and Policy. His research focuses on topics in public finance, regional economics, and the economics of natural disasters. Mark created the Lighthouse Economics website and blog to share economic research and information relevant for navigating tumultuous times.

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