Treasury Secretary Janet Yellen warned the formal debt limit is set to be reached next week in a letter to Congress Friday and pushed lawmakers to increase or suspend the limit in a “timely manner” to avoid far-reaching economic damage.
“Failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability,” Yellen wrote.
The long-awaited milestone, after which the U.S. borrowing authority of…
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