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US debt to reach limit in mid-January, authorities to take extraordinary measures — Yellen

The national debt of the US currently stands at around $36.2 trillion

WASHINGTON, December 28. /TASS/. The US administration expects the country’s debt to reach the new limit between January 14 and January 23, at which time it will be necessary for authorities to start taking extraordinary measures to prevent the US from defaulting on its obligations, Treasury Secretary Janet Yellen said in a letter to lawmakers.

"As you know, the debt limit is the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments. In June 2023, the Fiscal Responsibility Act of 2023 was enacted, suspending the debt limit through January 1, 2025," she said.

"On January 2, 2025, the new debt limit will be established at the amount of outstanding debt subject to the statutory limit at the end of the previous day. However, on January 2, the outstanding debt subject to the limit is projected to decrease by approximately $54 billion, mostly due to a scheduled redemption of nonmarketable securities held by a federal trust fund associated with Medicare payments. As a result, the debt is currently projected to temporarily decrease, and accordingly, Treasury does not expect that it will be necessary to start taking extraordinary measures on January 2 to prevent the United States from defaulting on its obligations," Yellen noted.

"Treasury currently expects to reach the new limit between January 14 and January 23, at which time it will be necessary for Treasury to start taking extraordinary measures," she stressed. The national debt of the US currently stands at around $36.2 trillion.

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