Read more on this subject: Government Debt & Financing
News Story Source: Allsides
The "extraordinary measures" that the Treasury Department has been employing to finance the government on a temporary basis since Aug. 1 will be exhausted next month, Ms. Yellen said in a letter to lawmakers. She added that the exact timing remained unclear but that time to avert an economic catastrophe was running out.
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Janet Yellen warns of a possible October default on U.S. debt, swollen by the pandemic.
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