Treasury's Yellen urges Congress to lift debt ceiling
WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen on Tuesday urged Congress to swiftly raise or suspend the debt ceiling to prevent a "catastrophic" default that would hammer the economy and financial markets.
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The United States hit its $31.4 trillion debt limit on Jan. 19, and the Treasury has since been using special accounting measures to keep paying the government's bills. Treasury officials have estimated that those measures will be exhausted by early June, after which the government will be unable to borrow more money.
Failure to raise the debt ceiling would mean the government would be unable to pay its obligations, including interest on the debt, Social Security benefits, and salaries for federal workers.
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