U.S. 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.
— U.S. 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.
But these moves don't last indefinitely. In the past, they've given lawmakers between a few weeks and several months to address the borrowing cap. How much revenue the government collects in tax revenue this spring will also be a factor in how long the country can go before default. This time around, Yellen anticipates selling existing investments and suspending reinvestments of the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund. Also, she is suspending the reinvestment of a government securities fund of the Federal Employees Retirement System Thrift Savings Plan.
The fund has a number of uses, including purchasing or selling foreign currencies. Unlike with the retirement funds, Treasury does not have the authority to reimburse the Exchange Stabilization Fund for lost interest after the impasse is resolved.
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