What to know about Treasury’s 'extraordinary measures' debt ceiling warning
Treasury Secretary Janet Yellen formally put Congress on notice last week that the agency will have to start taking “extraordinary measures” after the US reaches its $31.4 trillion debt limit on Thursday. But the nation is not yet at the debt ceiling crisis point that could tank the financial markets, suspend Social Security payments to senior citizens, hurt the economy and cause other chaos. That’s what the so-called extraordinary measures are designed to temporarily avoid.
Also, she is suspending the reinvestment of a government securities fund of the Federal Employees Retirement System Thrift Savings Plan. These funds are invested in special-issue Treasury securities, which count against the debt limit. Yellen’s actions would reduce the amount of outstanding debt subject to the limit and temporarily provide the agency with additional capacity to continue financing the federal government’s operations.
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