Treasury Secretary Janet Yellen on Tuesday warned House Speaker Nancy Pelosi, D-Calif., that Congress must address the debt ceiling by Oct. 18 to avoid near-certain economic disaster.
“We now estimate that Treasury is likely to exhaust its extraordinary measures if Congress has not acted to raise or suspend the debt limit by October 18,” Yellen wrote in a letter to Pelosi, CNBC reported.
“At that point, we expect Treasury would be left with very limited resources that would be depleted quickly.”
In a separate statement to lawmakers, Yellen said that failure to suspend or raise the debt limit would have severe consequences for the U.S. economy.
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