The Treasury Secretary says a debt limit hike is badly needed The US is expected to reach a statutory debt ceiling next week, which could see the country defaulting on its obligations unless preventative steps are taken, Treasury Secretary Janet Yellen warned on Friday in a letter to House Speaker Kevin McCarthy. “Once the limit is reached, Treasury will need to start taking certain extraordinary measures to prevent the United States from defaulting on its obligations,” Yellen wrote. She noted, however, that these measures will only go as far as to give the Congress time to negotiate and pass a debt limit hike, mo
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