Yellen To Congress: Pass Debt Ceiling Legislation Or Risk Default

US Treasury Secretary Janet Yellen writes to lawmakers in an attempt to push them towards passing legislation to suspend the debt ceiling. Link to fullletter here. Select comments below:

• "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. At that point, we expect Treasury would be left with very limited resources that would be depleted quickly. It is uncertain whether we could continue to meet all the nation's commitments after that date"
• "...we know from previous debt limit impasses that waiting until the last minute can cause serious harm to business and consumer confidence, raise borrowing costs for taxpayers, and negatively impact the credit rating of the United States for years to come....Again, I respectfully urge Congress to protect the full faith and credit of the United States by acting as soon as possible."

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